The Pfizer & BioNTech experimental vaccine is said to be over 90% effective in preventing covid-19

November 9, 2020

New York (Nov 9)  The Pfizer & BioNTech experimental vaccine is said to be over 90% effective in preventing covid-19.

Gold prices have tanked over the last few minutes as Pfizer & BioNTech announced that their treatment for COVID-19 is 90% successful. They have said they are seeing US emergency use authorization as soon as possible after the safety milestone is reached in late November. In terms of specifics, the firms expect to reach 50 million doses in 2020 and to produce up to 1.3 billion doses in 2021.

Sources confirm that Pfizer/BioNTech plan to seek US emergency usage after the safety milestone is reached in late November.

"In keeping with guidance from the Food and Drug Administration, the companies will not file for an emergency use authorization to distribute the vaccine until they reach another milestone: when half of the patients in their study have been observed for any safety issues for at least two months following their second dose. Pfizer expects to cross that threshold in the third week of November." (taken from StatNews press release).

In recognition of the above, Wall Street bids up all stock indices between +5% to +7%.

As you can see from the 5-minute gold chart below there was a vicious chart reaction to the news. The price fell around $35 in 20 minute period to a low of $1923.30 per ounce. There was a spike back up but the bulls failed to sustain the bid. After being higher for much of the EU session the precious metal now trades flat near $1925.

By 08:45am EST, spot gold was in freefall -$85 at $1,878.

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