It’s been an eventful week to say the least. In my last post before the US election, I examined how the possible outcomes may influence gold’s performance.
The results thus far indicate that Joe Biden will become the next president of the US, but as many expected, the election result was close and legal challenges remain – and will continue – delaying the official outcome for at least a month if not more. On this note, the gold price rose on the days following the election.
But while the US election saga continued to play out, on Monday the world was greeted with some very exciting news. Pfizer/BioNTech announced promising initial phase-three results for what looks to be the first vaccine proven to be effective against COVID-19. As a result, stock markets rallied, bond yields rose and, not surprisingly, gold sold off.