Investing.com – Bears who thought of doing “another Pfizer ” on gold have been in for a surprise.
Short sellers who ravaged the yellow metal last week on the blockbuster results of Pfizer’s Covid-19 vaccine trials tried to repeat the stunt Monday when Moderna Inc (NASDAQ: MRNA ) announced even better efficacy from its own coronavirus test shots. Gold did dive on the Moderna news, but rebounded quickly this time, to actually end the day slightly higher — unlike the near 5% plunge on the Pfizer Inc (NYSE: PFE )announcement that prevailed through most of last week.
For context, Moderna said its experimental vaccine was 94.5% effective in preventing COVID-19, versus Pfizer’s 90% efficacy. The Moderna product also needs just regular refrigeration versus the -90 Fahrenheit needed for what Pfizer has developed.
In Tuesday’s trade, U.S. gold futures for December delivery settled down $2.70, up 0.1% at $1,885.10. This was despite rival […]
November 18, 2020 (updated November 18, 2020) Published by StockMan