 Good morning to CMC Lspressor, your daily news update out of the Frankfurt Office of CMC Markets. George Soros has came out with a dire warning about the consequences of UK saying goodbye to the EU. In an article in The Guardian, he says he wants to offer a clear set of facts based on the six decades of experience in financial markets to help voters understand the very real consequences of a vote to leave the EU, which has now materialized. He writes that the Brexit is a catastrophic scenario, making the disintegration of the EU practically irreversible. The consequences for the real economy will be comparable only to the financial crisis of 2007 and 2008. He continues to write, and tensions among member states have reached a breaking point not only over refugees, but also as a result of exceptional strains between creditor and debtor countries within the eurozone. He warns of a banking crisis, especially in Italy but in Europe as a whole, and this in turn could bring populist parties like the five-star movement in Italy to power as early as next year. Now many wonder if it was a good idea whatsoever to let the referendum pass with a simple majority of 50% plus one vote, or if it wouldn't have been a better idea to have an absolute majority. Now many questions arise like what will come after this political decision? Will there be a second referendum? Will Scotland try to vote itself out of this situation? How will the political landscape in UK look like in three months time? The political process to getting solutions together will be very important for giving markets a direction and show them their way out of this current uncertainty. Goldman Sachs expects there will be a UK recession coming, and the negative implications and volatility in global markets will force an extended pause in the rate hike plans of the Federal Reserve. This would actually be good for gold, which managed to close above $1,307, the price tag we have been talking about in this new show in the past videos, which means that the technical downturn since the year 2011 in the precious metal has been stopped. Alan Greenspan also was on the television saying that he thinks that the crash in equity markets on Friday and the implications the turmoil of the Brexit could have is worse than anything he has seen in his professional career. Greenspan thinks this has a corrosive effect that will not go away. Greenspan has in recent years become one of the loudest advocates of gold alongside billionaire such as Tokenmiller and Soros. It will be today, it will be very important how market trends will develop. The question is, has the buying and investor stepping in into the markets after the shocking opening in equity markets on Friday been the beginning of a lasting rebound or was it just a bearish retracement, a pure technical reaction to overnight losses? Over the weekend, everyone had at least some time to think about the situation and reassert it, so today we will get a truer look to what the trend now really is. Potentially, Friday's lows could already be that low but when we hear fund managers like those from BlackRock, they are very careful still and potentially they think that the DAX for example could drop by another 1,000 and 500 points ago as low as 8,000. So it seems that after a period of central bank intervention, we are having markets which are beginning to be heavily influenced by traditional politics. I feel that there will be no easy way out of the current uncertain situation created by the UK referendum. The Bank of International Settlements said on Sunday, the world faces a risky trinity of high debt, low productivity growth and twinkling firepower at the world's central banks. The BIS, an umbrella body for major central banks, said in its annual report that the clump economy was highly exposed even before Thursday's war by Britain to leave the EU. So it seems it cannot be any strength from the real economy building a foundation below current market values. On the contrary, there will be a period of uncertainty and adjustment coming, so once again central banks will be the last resort and the BIS communicated over the weekend that they, the central banks, are monitoring market functioning and stability and cooperate closely.