Market Report: Second Covid Wave Bites

by Alasdair MacLeod
Gold Money

Gold and silver lost most of last Friday’s strong rally during Monday and Tuesday before recovering some of their losses subsequently. In European morning trading today, gold was at $1909, down $20 from last Friday’s close, and silver was at $24.40, down 70 cents on the same timescale.

Meanwhile, covid-19 is resurging again, with local lockdowns emerging all over Europe. According to the WHO dashboard, US cases have now doubled from the 8 September low with 7.8 million confirmed cases and nearly 215,000 deaths. The second stimulus package to deal with it is now being held up by bickering between the two political parties ahead of the presidential election on 3 November. While the politicians are in deadlock, the need for that second package is increasing by the day.

The outcome is obvious — the longer the delay, the larger the package will have to be.

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