Believe it or not, the big deal for precious metals this week was not the U.S. Election. It was news that Pfizer and BioNTech’s COVID-19 vaccine was over 90% effective in preventing the virus, and would likely be among the first to receive FDA authorization.
Monday was massively risk-on, with the Dow soaring 4% to a new record high, ten-year treasuries yields shot up almost 17% in a single day as investors dumped bonds, and oil was ahead 8%.
Meanwhile, the U.S. dollar index gained about 60 basis points or 0.65%, while higher-beta currencies jumped.
Gold and silver both sold off quite strongly and stayed near their lower price levels.Naturally, some gold and silver enthusiasts are asking themselves if a vaccine is enough to kill the Covid-19 virus, as well as the precious metals bull market.And based on the initial reaction of these metals, it’s a natural question.So let’s look at the […]
November 12, 2020 (updated November 12, 2020) Published by StockMan