According to the report, the pandemic has had an impact on businesses across the globe.
SEATTLE (Scrap Monster): The Gold Responsibility & Paramount Mission” summit held in Beijing on November 6th provides social responsibility report by the gold industry on prevention and control during times of crisis. The report, prepared jointly by the China Gold Association, Shanghai Gold Exchange, World Gold Council and Sina Finance, focuses on the efforts undertaken by the Chinese gold industry in overcoming the difficulties of the time.
According to the report, the pandemic has had an impact on businesses across the globe. However, all major gold companies were holding fast to the front line of epidemic prevention and control. All these companies formulated and implemented anti-epidemic measures, which helped them to resume production in a timely and regulatory manner. Also, gold regulatory bodies and industry trade associations played leading role in mobilizing the entire industry back into action.
Update (1000ET): Nobody was more relieved to see the Biden-Harris ticket prevail last week than Dr. Anthony Fauci (arguably, the first job that Biden saved was Fauci’s). Now the good doctor is joining the vaccine market pump-fest, by telling reporters that his favorite biotech company, Moderna (which he has been pumping virtually since its first vaccine-related press release) might exhibit similarly effective results to Pfizer’s vaccine.
TOP NIH OFFICIAL DR. FAUCI: MODERNA MAY SIMILAR RESULTS AS THE PFIZER VACCINE.
This, despite recently released data calling the vaccine’s effectiveness into question.
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Update (0910ET): Pfizer shares are now up 16% with less than a half hour to go before the open.
Meanwhile, for traders still turning over that “90% efficacy” figure (the fact that so many infections were in the placebo group is surely a good sign, the scientists said) in their heads, CNBC has offered some helpful points of comparison.https://platform.twitter.com/embed/index.html?dnt=false&embedId=twitter-widget-0&frame=false&hideCard=false&hideThread=false&id=1325802606267133953&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fpfizer-biontech-trials-show-covid-19-vaccine-more-90-effective&siteScreenName=zerohedge&theme=light&widgetsVersion=ed20a2b%3A1601588405575&width=550px
Some good info on CNBC showing how great 90% effectiveness is for a vaccine. How effective current vaccines are: Measles: 97% Smallpox: 95% Chicken pox: 92% Seasonal flu: 40-60%— ForexLive (@ForexLive) November 9, 2020
Who else is ready for the ‘roaring twenties’ pt II?https://platform.twitter.com/embed/index.html?dnt=false&embedId=twitter-widget-1&frame=false&hideCard=false&hideThread=false&id=1325803021524197378&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fpfizer-biontech-trials-show-covid-19-vaccine-more-90-effective&siteScreenName=zerohedge&theme=light&widgetsVersion=ed20a2b%3A1601588405575&width=550px
I wrote this yesterday
IF this vaccine works and IF we get another spending package to bridge the gap between now and ppl getting it I think 2021-2022 could see a massive boom in the economy and markets
Update (0820ET): Adding to the positive COVID-19 vaccine news that has goosed stocks Monday morning, the FDA has officially awarded Novovax, considered a second-tier COVID-19 vaccine competitor, a “fast track” designation, while WSJ and other media are reporting that Pfizer’s vaccine could get emergency approval and head into distribution by the end of the month.
Yen and Dollar surges broadly as European stocks tumble sharp on the come back of coronavirus. At the moment, FTSE is down -1.77%> DAX is down -3.25%. CAC is down -3.07%. DOW future is also down nearly -500 pts.
Gold drops back below 1900 handle today, following the rally in Dollar. While it’s essentially still range bound, focus is back on 1872.85 support. Firm break there will suggest that whole corrective pattern from 2075.18 high is extending with another leg through 1848.39 low.
A stronger U.S. dollar helped to push gold futures lower Wednesday, with the precious metal failing to find haven-related demand despite a global equity selloff sparked by a continued rise in COVID-19 cases in Europe and the U.S., analysts said.
December gold GCZ20, -1.77% fell $26, or 1.4%, to $1,886.10 an ounce, while December silver SIZ20, -4.92% was down 70.5 cents, or 2.9%, to $23.86 an ounce.
European equities fell and U.S. stock-index futures pointed to heavy losses for Wall Street as European countries weighed imposing a new round of lockdowns to contain the pandemic and the U.S. saw a continued surge in new cases.
The number of new U.S. cases daily rose back above 70,000 on Tuesday after hitting a record above 80,000 at the end of last week. The U.S. has reported a record 500,000 cases over the past week, the New York Times reported, while the seven-day average of confirmed new cases hit a record of 69,967 on Monday, according to a Wall Street Journal analysis of data from Johns Hopkins University.
Silver failed to settle above the 50 EMA at $24.55 and is trying to gain downside momentum.
Silver Failed To Gain Upside Momentum Despite Weaker U.S. Dollar
Silver continues to trade below the 50 EMA at $24.55 while the U.S. dollar is losing ground against a broad basket of currencies.
The U.S. Dollar Index failed to settle above the nearest resistance level at 93 but managed to stay above the nearest support level at 92.80. If the U.S. Dollar Index gets below the support at 92.80, it may gain additional downside momentum and provide some support to silver and other precious metals.
Meanwhile, gold is glued to its 50 EMA level just above $1900. This month, gold failed to develop any momentum. Perhaps, traders did not want to make major bets before the U.S. presidential election which may significantly increase volatility in the precious metal space.
Gold/silver ratio continues to test the nearest resistance at its 50 EMA at 78.25. If gold/silver ratio settles above this resistance level, it will gain additional upside momentum and head towards the 80 level which will be bearish for silver.
