Gold drops dramatically, as BioNTech and Pfizer announce vaccine trial results | The Gold Forecast

Gold drops dramatically, as BioNTech and Pfizer announce vaccine trial results

November 9, 2020 - 6:23pm

 by Gary Wagner

Gold suffered this deepest single-day decline in the last seven years. Not since June 2013 has gold suffered a decline of this magnitude. The decline is a direct result of announcements made by two pharmaceutical companies, Pfizer and BioNTech which wrapped up stage III trials. The results showed that this vaccine had a 90% efficacy rate. The stage III trial administered the vaccine to 43,000 individuals, and the data concluded that the vaccine is 90% effective in preventing the coronavirus.

Dr. Albert Bourla, Chairman and CEO of Pfizer said that “Today is a great day for science and humanity …The first set of results from our Phase 3 Covid-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent Covid-19.”

In a statement, he also said that the company is “reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen.”

The COVID-19 pandemic has reached epic proportions with 10,023,275 cumulative infections in the United States, and 237,760 lost lives in the U.S. alone where the pandemic has registered two consecutive days of 100,000 new cases. There have been over 50 million reported cases of the virus resulting in 1,260,768 deaths worldwide. With so many new daily cases occurring a vaccine cannot come quick enough.

Pfizer pharmaceutical said it will produce 50 million doses in 2020, and up to 1.3 billion vaccine doses in 2021. U.S. equities traded sharply higher on the news, with the Dow up over 1,000 points.

Silver sustained a 5.5% price decline with December futures currently fixed at $24.245.

Gold futures had been trading higher overseas as the markets opened first on Monday in Australia. It traded to an intraday high of $1966 before the announcement of a viable vaccine. As of 3:44 PM EST December futures are currently fixed at $1865.50 a decline of over $86 (- 4.42%). Dollar strength certainly provided headwinds, however, today’s gain in the dollar index was just over half percent, which means that selling pressure accounted for the remaining 4.01% in gold futures.

Wishing you as always, good trading and good health,

Gary S. Wagner - Executive Producer

This report is now free and publicly available to everyone

Gold Forecast: Proper Action

We are currently flat with no active trades after pulling profits when our stops were hit

Long December gold at $1899. Stop hit at $1918, for a $1900 profit

Long forex gold at $1896.00. Stop hit at $1912, for a $1600 profit

Long December silver at $24.21. Stop hit at $25.70, for a $7350 profit
Correction: Long December silver at $24.21. Stop hit at $25.07 for a $4300 profit

Long GLD at $180.46 and stop hit at $176.42 for a loss of $4.04 per share

Maintain SLV at $23.23 and stop at $22.78 for a loss of $0.40 per share


Long December Gold Futures at $1926 and stop hit at $1907.30 for a loss of $19.70 per ounce
Long Forex Gold at $1922 and stop hit at $1903 for a loss of $19.00 per ounce
Long December Silver Futures at $25.13 and stop hit at $24.73 for a loss of $0.40 per ounce
Long December gold at $1890, out at $1909.30 for a profit of $1,930.00
Long December silver at $23.95, out at $24.50 for a profit of $2,750.00
Long Forex gold at $1883.68, out $1907 for a profit of $23.32 per ounce
Long GLD ETF at $178.03, out at $179.80 for a profit of $1.77 per share
Long SLV ETF at $22.66, out at $22.03 for a loss of $0.63 per share
Long December Silver (SI Z20) @ $27.07 - Stop hit @ 25.56 for a loss of $1.51 per ounce
Long GLD @ $183.91- stop hit @ $178.50 for a loss of $5.41 per share
Long SLV @ $ 26.33 - stop hit @ $23.53  for a loss of $2.80 per share
Long December gold (GC Z20) @ $1947.00 - Stop hit @ $1952 for a profit of $500.00 per contract
Long Forex gold (XAU A0-FX) @  $1939.00 - Stop hit @ $1944.80 for a profit of $5.80 per ounce
Long December gold @ $1956.50.Stop hit @ $1960 for a profit of $350.00 per contract
Long December silver @ $27.39.Stop hit @ $27.80 for a profit of $2050 per contract
Long forex gold @ $1948.55.Stop hit @ $1955 for a profit of $6.45 per ounce
Long GLD @ $183.57.Stop hit @ $184.36 for a profit of .79 per share
Long SLV @ $25.10.Stop hit @ $25.75 for a profit of .65 per share
Long September silver at $26.68. Our stop was hit @ $26.87 for a profit of $1000 per contract.
Long December Gold at $1955.50. Our stop was hit @ $1979 for a profit of $2350 per contract
Long Forex Gold at $1947. Our stop was hit @ $1967,52 for a profit of $20.52 per Ounce
Long September silver at $24.40. Our stop was hit @ $25.99 for a profit of $7950 per contract
Bought GLD @ $166.74. Our stop was hit @ $$183.00 for a profit of $16.87 per share.
Bought SLV @ $18.00 Our stop was hit @ $23.80 for a profit of $5.80 per share.
NUGT – we sold all shares and took profits of $33.19 per share
Long December gold at $1997, we covered the trade @ $2035 for a profit of $3800 per contract
Long Forex gold at $1977, we covered the trade @ $2017 for a profit of $40.00 per ounce

Gold Market Forecast

Today’s announcement that to pharmaceutical firms have developed vaccines that have had a 90% success rate. The pandemic that has affected countries worldwide will now have the opportunity to vaccinate their citizens over time and end one of the worst pandemics since the Spanish flu.

Although we were stopped out in our gold and silver futures trades, we did so with a profit.

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