Phil Carr
The Gold & Silver Club
On Monday, AstraZeneca announced its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the world's fight against the global pandemic a third new weapon that can be cheaper to make, easier to distribute and faster to scale-up than rivals.
“Vaccine Mondays” as they are now known – have become one of the most predictable money making opportunities that continue to present traders with an endless flow of lucrative back-to-back trading opportunities week-in-week-out.
Whilst gold remains vulnerable in the near-term – it goes without saying, the fundamental backdrop for precious metals remains extremely bullish in the long-term.
The vaccine might kill the virus, but not the vast mountains of debt and economic damage economic damage caused by the coronavirus pandemic. Central banks are expected to maintain ultra-loose monetary policies, which inadvertently will lead to higher inflation throughout 2021 and beyond.
Where are prices heading next?
Trading has large potential rewards, but also large potential risk and may not be suitable for all investors. The value of your investments and income may go down as well as up. You should not speculate with capital that you cannot afford to lose. Ensure you fully understand the risks and seek independent advice if necessary.
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Editors’ Picks
AUD/USD: Extra upside now looks at 0.6550
AUD/USD managed to leave behind Tuesday’s strong decline and printed a decent recovery on Tuesday, retesting the 0.6500 zone amid the broad-based retracement in the US Dollar.
EUR/USD need to clear 1.0600 to allow for further advances
The strong sell off in the Greenback encouraged EUR/USD to set aside the previous day’s pullback and refocus on a potential visit to the key barrier at 1.0600 the figure ahead of key data releases in the euro area later in the week.
Gold eases from daily highs as bears seize control
Gold remains on the positive foot near $2,640 per troy ounce, as US inflation data matched initial estimates in October, while US yields display a negative performance across the curve.
Ethereum Price Forecast: ETH surges 9% with increased capital inflows, bulls set sights on $4,522
Ethereum (ETH) rallied 9% on Wednesday following increased capital inflows into ETH ETFs and a major uptick in its open interest and futures premium. If the bullish momentum sustains, ETH could overcome its yearly high resistance of $4,093 and rally to $4,522.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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