Have vaccine hopes ended gold’s bull run? [Video]

Phil Carr The Gold & Silver Club

Gold retreated to 1-week lows as a potential COVID-19 vaccine developed by AstraZeneca Plc and Oxford University produced a strong immune response in older adults, giving hope it may protect some of those most vulnerable to the disease.

The data, published in full, suggests that those aged over 70 - who are at higher risk of serious illness and death from COVID-19 - could build robust immunity to the pandemic disease.

But rival drugmakers Pfizer Inc, BioNTech and Moderna have in the past 10 days edged ahead, releasing data from late-stage COVID-19 vaccine trials that shows more than 90% efficacy.

AstraZeneca has signed several supply and manufacturing deals with companies and governments around the world as it gets close to reporting results of its late-stage trials.

Gold is currently up 23% this year, boosted by its appeal as a hedge against inflation and currency debasement and unprecedented stimulus measures globally.

Elsewhere increased coronavirus-driven restrictions in the United States, where the death toll crossed 250,000, caused Asian equities to fall from record highs.

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Author

Phil Carr

The Gold & Silver Club

Phil is the co-founder and Head of Trading at The Gold & Silver Club, an international Commodities Trading Firm specializing in Metals, Energies and Soft Commodities.

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