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(Kitco News) – Pfizer and BioNTech experimental vaccine are said to be over 90% effective in preventing covid-19.
Gold prices have fallen in the past few minutes as Pfizer and BioNTech announced their COVID-19 treatment was 90% successful. They said they are seeing US emergency use clearance as soon as possible after the security milestone was reached in late November. In terms of specificity, the companies expect to reach 50 million doses in 2020 and to produce up to 1.3 billion doses in 2021.
Sources confirm Pfizer / BioNTech intends to seek emergency use in the United States after the security milestone was reached in late November.
“In line with guidance from the Food and Drug Administration, companies will not apply for an emergency use permit to distribute the vaccine until they reach another milestone: when half of the patients in their study were observed for safety for at least two months after the second dose. Pfizer plans to cross that threshold in the third week of November. ” (taken from the StatNews press release).
As you can see from the 5 minute gold chart below, there has been a cruel reaction to the news. The price dropped about $ 35 in 20 minutes to a low of $ 1923.30 per ounce. There was a rally but the bulls could not support the offer. After being higher for much of the EU session, the precious metal is now trading flat near $ 1925.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee this accuracy. This article is for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no liability for loss and / or damage resulting from the use of this publication.
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