Gold fell on Monday, November 9, from $1,960 To under $1,860 an ounce in under six hours, from 6am to noon (EST), based on preliminary announcements of an effective COVID-19 vaccine being available, however that conclusion is premature and there is no reason why a solution to COVID-19 should in any way be related to the price of gold. The Congress and the Fed have already over-spent $3+ trillion in 2020 and they are on track to over-spend by at least $1 trillion per year under President Joe Biden, especially if Biden succumbs to the policies of Kamala Harris, Bernie Sanders and Alexandra Ocasio-Cortez. Either way, future deficits will only escalate, driving the price of gold and silver much higher.
On Tuesday, gold returned to $1,880 and should return above $1,900 when the market settles back into the reality of future U.S. debts and monetary creation vs. static gold supplies and rising gold demand. Although it may seem shocking to see gold fall $100 in a few hours, gold is trading about where it was 10 days ago, as of October 30. Even though gold soared in early November, it traded at $1,870 on October 28-29.