Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here! (Kitco News) Silver tumbled more than 7% on Monday as precious metals sold off in response to positive coronavirus vaccine news, which investors interpreted as good for the economy.
"The initial reaction was that stimulus may not be necessary," RJO Futures senior commodities broker Daniel Pavilonis told Kitco News. "With a vaccine, we have a way to change the dynamic of the way everybody is living post-COVID. Maybe everyone can go back to work, or maybe there is less economic risk. Maybe pent-up purchasing picks up."
Monday’s price action has seen an unwind of the pandemic-era trades, said TD Securities commodity strategist Daniel Ghali.
"Vaccine is seen as opening the door to other assets that haven’t performed as well during the pandemic. […]
- Do contribute something to the discussion
- Do post factual information, analysis and your view on company valuations
- Do disclose if you have an interest in a security
- Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
- Do not complain about a post unless you have reported it first, and not on the forum.
- Do not post financial advice
- Do not advertise or post sponsored content