Gold price plummets on news of successful Covid vaccine – Jim Wyckoff (Kitco News – November 9, 2020)

(Kitco News) – Gold and silver futures prices are sharply down in early U.S. trading Monday, on the just announced news from Pfizer that it has developed a very promising Covid-19 vaccine.

Stock markets soared on the news, including U.S. indexes hitting record highs, as risk appetite has up-ticked markedly the past hour. Gold prices had hit a nearly seven-week high of $1,966.10 in overnight trading. December gold futures were last down $39.90 at $1,911.70 and December Comex silver was last down $0.792 at $24.855 an ounce.

Pfizer within the past hour announced a Covid-19 vaccine trial of around 44,000 subjects that is 90% effective gave the stock markets a solid boost from earlier overnight gains.

It seems this is finally the good news the global marketplace has been awaiting for months—during a grim period when the pandemic appears to be worsening in places like the U.S. and Europe.

The U.S. dollar index is near steady early today after hitting a nine-week low overnight. The other important outside market sees crude oil prices sharply higher and trading around $40.00 a barrel.

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