The vaccines are coming – we’re saved! Although the arriving vaccines are great for humanity, they are bad for the price of gold. In November, Pfizer and BioNTech announced that their mRNA-based vaccine candidate, BNT162b2, had demonstrated evidence of an efficacy rate above 90% against COVID-19, in the first interim efficacy analysis. As Dr. Albert Bourla, Pfizer Chairman and CEO, said: Today is a great day for science and humanity. The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19. Indeed, the announcement is great news! After all, the vaccine is the ultimate weapon against the virus. There’s no doubt that we will get the vaccine one day. Thank God for scientists – they are really clever people who work hard to develop a safe vaccine! Why can’t we have more of them instead of so many economists? As well, the pandemic triggered unprecedented global cooperation to develop
The question on everyone’s mind is: when is it a good time to buy some gold or silver after they bottom? The answer to that question is simple: when key triggers are met. Count-trend rallies in gold or silver don’t mean that they have enough energy and momentum to keep climbing. Miners also don’t have enough strength to lead the way in a fresh climb upwards for the PMs, so everything we see now only speaks of corrective action.
Gold moved higher yesterday (Dec 8), while silver and mining stocks went in the opposite direction. It seems that the latter moved in tune with the trend, while the move in the former was rather accidental.