Yesterday’s announcement that two companies have developed a vaccine that has now completed the stage III trials, and is 90% effective in killing the coronavirus. This was truly welcome news and responsible for the large gains in US equities and concurrently the steep selloff in both gold and silver.
However, that yesterday’s excitement has subsided reality has begun to set in. The reality is that new cases of the coronavirus are at record numbers and do not seem to be slowing down. Rather it seems there is a second and in some places third wave continue to wreak havoc on families and the economy. The truth is that for the first time since the pandemic began traders are seeing light at the end of the tunnel. But the real question is how long will it take till we are at the tunnels end.
Pfizer pharmaceutical has pledged to produce roughly 50 million doses by the end of the year. However, this vaccine requires an initial dose followed by a booster. That means that they are really saying they will be able to produce enough vaccine for 25 million individuals in 2020. Read more…..
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Buffet speaks on the future of Berkshire Hathaway, personal investment mistakes he’s made, the future of investing in China and meeting Elon Musk.