Has the Gold Price finally lost its momentum

This year turned out to be a dream for gold speculators and investors after the yellow metal surged and hit historic highs thanks to a perfect storm of a global pandemic, massive government stimulus packages, a weakening dollar and a bull run in stock markets that eventually ran out of gas would have. The violent rally was the largest surge the metal has seen in more than a decade. Wall Street hedge funds have been extremely bullish on gold, with some squinting at prices as high as $ 3,000 and even $ 5,000 an ounce. For example, Bank of America told Merrill Lynch it expects gold to reach $ 3,000 by early 2022, while Citigroup and billionaire Thomas Kaplan, founder of New York wealth management firm Electrum Group, said $ 5,000 was in the crosshairs. But now there are increasing signs that the gold rally is over for the time being, and these lofty goals will remain out of reach for gold seekers. Gold is down 13% after hitting an all-time high of $ 2,075 in August as a flood of potential Covid-19 vaccine candidates continues to give the world hope that the worst may be seen in the rearview mirror. At least two successful COVID-19 vaccines now mark an important turning point in the fight against one of our greatest existential crises. Two weeks ago, Pfizer (NYSE: PFE) and BioNTech (Nasdaq: BNTX) reported that their joint mRNA-based COVID-19 vaccine candidate, BNT162b2, was nearly 95% effective in preventing Covid-19 infections at ~ 44,000 Test patients have shown. A few days ago, the companies confirmed these numbers in their final analysis, including 94% effectiveness in those over 65. The good news came with a caveat, though: Pfizer's vaccine requires a much cooler temperature of -94 degrees Fahrenheit (-70 ° C) to ship and as much as -109 degrees Fahrenheit to keep the vaccine viable, which some do Locations could be a major challenge. The news that Moderna's Covid-19 vaccine candidate (NASDAQ: MRNA), mRNA-1273, has shown similar efficacy to Pfizer's vaccine, but at more controllable temperatures of 2 ° to 8 ° C (36 ° to 46 ° C) F) or about the same operating temperature as a regular household or medical refrigerator remains stable for at least a month so was definitely great news. Even more encouraging, Moderna has reported that its Covid-19 vaccine will cost $ 25 to $ 37 per dose, depending on the quantity ordered, roughly the same as a standard flu shot, which costs $ 10 to 50. Even more encouraging news, the EU is expected to rush to approve Pfizer and Moderna vaccines so that they could be on general distribution in their jurisdiction in a few weeks. Europe is currently experiencing the largest second wave of Covid-19, with Germany, Poland, France and Spain having gone back into lockdown to contain the spread of the deadly virus.