… the EU as constructed is not only corrosive but ultimately dangerous, and that is the phase we have now reached as governing authority crumbles across Europe.

The Project bleeds the lifeblood of the national institutions, but fails to replace them with anything lovable or legitimate at a European level. It draws away charisma, and destroys it. This is how democracies die.

"They are slowly drained of what makes them democratic, by a gradual process of internal decay and mounting indifference, until one suddenly notices that they have become something different, like the republican constitutions of Athens or Rome, or the Italian city-states of the Renaissance," says Lord Sumption of our Supreme Court.

It is a quarter century since I co-wrote the leader for this newspaper on the Maastricht summit. We warned that Europe's elites were embarking on a reckless experiment, piling Mount Pelion upon Mount Ossa with a vandal's disregard for the cohesion of their ancient polities.

We reluctantly supported John Major's strategy of compromise, hoping that later events would "check the extremists and put the EC on a sane and realistic path."

This did not happen, as Europe's Donald Tusk confessed two weeks ago, rebuking the elites for seeking a “utopia without nation states" and over-reaching on every front.

“Obsessed with the idea of instant and total integration, we failed to notice that the citizens of Europe do not share our Euro-enthusiasm,” he said.

If there were more Tusks at the helm, one might still give the EU Project the benefit of the doubt. Hard experience - and five years at the coal face in Brussels - tells me others would seize triumphantly on a British decision to remain, deeming it submission from fear. They would pocket the vote. Besides, too much has happened that cannot be forgiven.

David Fuller's view

Subscribers with a vote on this important subject will make up their own minds, and I suspect we will all be relieved when the referendum is over.  My policy with this service has always been to share what interests me, including articles and reports, while also commenting on related market prospects.  

The Brexit vote on 23^rd June is now a considerable influence on market sentiment, and certainly not just within the UK and Europe generally.  We know that markets do not like uncertainty and with the current close opinion polls (although not betting shop odds) apprehension levels have increased, evidenced by the rising VIX volatility indicator, the recent weakness of many stock markets, the retreat to government bonds and the firmness of hard money best represented by gold and silver. 

Inevitably, this market action is not just about uncertainty flight, but also reflects opportunistic position taking and also hedging.  Therefore changes in the pre-election polls can lead to further volatility and the betting odds may be most revealing just before the vote occurs. 

In my trading account I am currently positioned for uncertainty, primarily long precious metals, mainly silver (high-beta gold) plus some platinum.  I also have small short positions in the UK FTSE 100 Index and also the S&P 500.  These are also discussed in ‘my personal portfolio’ below. 

Here are a few articles, mostly from The Telegraph, which interested me while I visited the Hay-on-Wye Festival and mostly enjoyed being outdoors during two glorious, sunny weeks in the beautiful Brecon Beacons.   These articles focus on the subject of Brexit:

Italy’s failure to thrive puts the boot into eurozone goal, by Roger Bootle.

We will still trade freely with the EU if we vote Leave, by Allister Heath.

There is no safety inside the arrogant, imperial, and dangerously unstable EU, by Allister Heath.

Italy’s broken banks show the dangers behind the euro, by Liam Halligan.

Not only can Britain leave the EU and have access to the single market, we’d actually get a better deal, by Norman Lamont.

‘Please don’t go!’ Germany in desperate plea for Britain to remain to keep EU dream alive – This article from the Express newspaper quotes the German news magazine Der Spiegel in its cover story.