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Gold Up Over Cautious U.S. Stimulus Hopes, Vaccine Hiccups

Published 12/03/2020, 10:53 PM
Updated 12/03/2020, 10:57 PM
© Reuters.

By Gina Lee

Investing.com – Gold was up on Friday morning in Asia, as investors were cautiously optimistic over the latest U.S. stimulus measures and as Pfizer Inc (NYSE:PFE) cut the number of COVID-19 vaccine doses that it will roll out.

Gold futures were up 0.26% at $1,845.80 by 11:48 PM ET (3:48 AM GMT) as investors slowly turned to the safe-haven yellow metal. Holdings of the SPDR Gold Trust (P:GLD) fell 0.1% to 1,189.82 tons on Thursday from 1,191.28 tons on Wednesday.

Pfizer said on Thursday that it would produce only 50 million doses of BNT162b2, its COVID-19 vaccine co-developed with BioNTech, after reports of supply chain issues. The number of doses is down from an earlier target of 100 million doses.

A bipartisan, $908 billion proposed package was slowly gaining momentum in the U.S. Congress on Thursday. Democrats and Republicans have until Dec. 11 to reach a consensus on the package's price tag and avert a government shutdown.

The country also continues to fight a virulent second wave of COVID-19 cases. U.S. hospitalizations topped 100,000, and California's governor Gavin Newson warned stay-at-home orders could be imposed in every region of the state, the San Francisco Bay Area excepted, later in the week.

Data released on Thursday also highlighted COVID-19's economic impact, with 712,000 jobless claims filed during the past week. The number of claims was down from the forecasted 775,000 claims and the previous week’s 787,000 claims but remaining high. Further labor market data, including manufacturing payrolls and non-farm payrolls, are due later in the day.

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Meanwhile, the U.S. Federal Reserve and the European Central Bank will meet for their respective policy decisions during the following week.

Latest comments

"1,189.82 tons" Gina Lee, you've made these gold holding claims many times now but I still have yet to see you provide a shred of verifiable evidence to support them. How reliable are GLD's holding reports? GLD does not give retail investors the right to redeem for any of its mystery physical gold holdings. This fact alone ensures the GLD shares to be nothing more than paper at the end of the day. GLD also has a glaring audit loophole in their prospectus that states they have no right to audit subcustodial gold holdings. To this day, I have not heard of a single good reason for the existence of this backdoor. I remember there was a highly publicized visit by CNBC's Bob Pisani to GLD's gold vault. This visit was organized by GLD's management to prove the existence of GLD's gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on the most recent bar list at that time. It was later discovered that this "GLD" bar was actually owned by ETF Securities.
I'm also very curious if anyone tried calling the GLD hotline at 866 320 4053 in search of numerical details on GLD's insurance? The prospectus vaguely states "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." When I asked about how much of the gold was insured, the representative proceeded to act as if he didn't know and said they were just the "marketing agent" for GLD. What kind of marketing agent would not know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors.
Gold still no move %100
down to 1500 and after up to 1600
gold is not moving as the day is gone gold is about to go in red zone . we have been had .
yeah gold is still no move .
Gold is still busy taking selfies but soon will move highier
soon today please
Today gold move up side 💯
The following is the extract on the website, https://www.aljazeera.com/economy/2020/12/1/us-feds-powell-challenging-months-ahead-until-vaccine-rollout   : In separate testimony to be delivered at the same hearing, Treasury Secretary Steven Mnuchin..any further government help should be aimed at 'workers and small businesses that continue to struggle..Munchin recently told the Federal Reserve to shut down several emergency lending programmes, and suggested that *****bn remaining for those facilities be reallocated for such a scheme.'  From the above statement, it can conclude that *****bn will be aimed at 'workers and small businesses that continue to struggle.  This is the good news for small businesses since they intend to divert *****bn fund to assist small businesses to survive and to enable them to have a way to seek help from government to finance their businesses in order for them to grow.
but gold not moved still .
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