Asia opened the celebrations with the Nikkei jumping 2.45%, Shanghai up 1.80% and Hong Kong rising 1.60%. Good way to start the proceedings for equities bulls.

The French CAC rose 1.60% and the DAX was higher by 1.30%. The FTSE was marginally off, but, given great Britain’s precarious economic perch, it was really a win.

There is a handful of relatively simple reasons why it took till today for the stock markets to churn and burn higher.

The big news today in trading, of course, is the jobs report from the U.S. Department of Labor.

June's huge jobs number beat predictions with a stick. It was surprising, given May's disappointing data. The U.S. economy added 287,000 non-farm payrolls last month, 112K more than estimates.

It has been our contention that gold, rather than functioning recently as only a safe haven or store of value, has been operating as a growth investment. Granted, it may be in a limited scope but that is what’s happening.

We may be seeing the British pound heading for parity. Perhaps it will be propped up. Perhaps it will finally rest where it belongs as Great Britain assumes its place as an economy in 10^th or 12^th place in the world ranking.

We do know that a lot of money is streaming out of European equities and into gold, silver and into U.S. bonds (to a lesser extent.)

Crude oil is off by a spectacular 4.60% in afternoon trading. Failing confidence in global growth, and therefore demand for energy, weighed on West Texas Intermediate and Brent North Sea. Indicative of the general fear of lower demand was the associated plunge in natural gas futures, which were down 7.70%.

There is another factor that beat energy prices down.

The repercussions from Brexit are far from over. The Bank of England is looking at another round of quantitative easing that may go as high as £250 million (about $330 million). That freer and easier money makes almost any investment attractive, in Great Britain as well as globally.

We almost can hear the old-time strains of FDR’s campaign song, “Happy Days Are Here Again,” as investors and traders continue to shrug off the Brexit vote. Whether this is wise can only be known as the future unfolds.

Gold and the other precious metals found support via regular trading momentum as well as from a much-needed boost due to a weaker dollar.

Gold is up more than $12.00 in mid-afternoon. Silver is up 57 cents per ounce or 3.20%. Platinum and palladium also rocketed upward, 3.25% and 3.50% respectively. 

The U.S. dollar drooped against the British pound and the euro today as the currency market took a breather, engaging in some profit-taking after just two days of a brutal selloff in sterling and the euro sparked by the Brexit “yea” vote.

 Nonetheless, the British pound is off 10% from the pre-vote level.