Mon, 11/09/2020 – 08:30
Gold futures tumbled back below $1900 (despite Biden comments about a large stimulus package even with the vaccine)…
Silver futures are back below $25…
And bond yields are spiking (notably back to election night highs for now)…
The question is – will this press-release-based medical data bounce last? …do you believe in miracles?
Additionally, as Bloomberg notes, the simple truth of the matter is that Pfizer will only be able to treat 25 million people this year, and maybe 650 million next year. Is that enough, assuming some areas reach a level of immunity to keep the virus in check? The answer is not clear at the moment. What is certainly known is that normalcy still remains out over the horizon and it will take quite a bit of time to realize the value embedded in this morning’s surge in travel stocks.
And deficits are not going down under a Biden admin.
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Author: Tyler Durden