BREAKING - Gold Gives Away Little in Round 2 of Vaccine Games

Bears who thought of doing “another Pfizer ” on gold have been in for a surprise.

Short sellers who ravaged the yellow metal last week on the blockbuster results of Pfizer’s Covid-19 vaccine trials tried to repeat the stunt Monday when Moderna Inc (NASDAQ:MRNA) announced even better efficacy from its own coronavirus test shots. Gold did dive on the Moderna news, but rebounded quickly this time, to actually end the day slightly higher — unlike the near 5% plunge on the Pfizer Inc (NYSE:PFE)announcement that prevailed through most of last week.

For context, Moderna said its experimental vaccine was 94.5% effective in preventing COVID-19, versus Pfizer’s 90% efficacy. The Moderna product also needs just regular refrigeration versus the -90 Fahrenheit needed for what Pfizer has developed.

In Tuesday’s trade, U.S. gold futures for December delivery settled down $2.70, up 0.1% at $1,885.10. This was despite rival dollar losing some 0.25% of its value — a dynamic that would have normally boosted gold.

The spot price for gold, which reflects real-time trades in bullion, was down $2.36, or 0.1%, to $1,886.55 by 2:57 p.m. (ET). The action has, undoubtedly, left gold bears, even long-term watchers of the precious metal, nonplussed.

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