Precious Metal Prices Rally On Another Vaccine

GOLD

This morning we heard and reacted to another COVID-19 vaccine announcement. Moderna issued a press release saying they have a vaccine in stage 3 testing that is 94.5% effective. This vaccine also doesn’t require very low temperatures like the Pfizer vaccine. Initially, the Gold price declined $30 per ounce from its Asian high of $1,896 per ounce. But unlike last Monday, the Gold price quickly rallied back $25 per ounce. At 11 am PT today, Gold is trading at $1,889 per ounce, up $2 on average volume.

SILVER

Silver, like Gold, reacted to the Moderna’s vaccine news with a sharp $1.00 decline but came roaring back to almost unchanged from last Friday’s close. It appears that precious metal investors aren’t seeing positive vaccine news as detrimental to precious metal prices. At 11 am PT today, Silver is up $0.05 per ounce, trading at $24.70 on normal volume.