Covid-19 Vaccine Approved
Good news for the World is rarely good for the precious metal markets!
Let’s be clear though that the news that Russia has approved a vaccine for Covid-19 is fabulous, but it has caused steep corrections in the prices for both gold and silver.
Gold fell from its lofty £50/gram perch by over 5% to £47/gram and silver dropped £3.50/oz from a high spot price of £22.40/oz on the evening of Monday August 10th to just under £18.90/oz at the end of day on August 11th – that’s a 15% correction.
These corrections have halted bullish markets, but impending US-China trade talks will be crucial in deciding the future of the precious metal markets and the remainder of the week’s trading will tell whether this is a blip or a trend.