Stocks soared, and gold and silver sold off Monday after Pfizer announced success in stage III coronavirus vaccine trials.
During his podcast, Peter Schiff talked about the crazy day in the markets and suggested we might want to tap the brakes when it comes to the excitement about a COVID vaccine because there is no vaccine for what actually ails the economy.
Gold suffered its biggest decline since June 2013, falling nearly $100 at one point. Despite the selloff, gold did manage to hold support at $1,850 and pushed back to about $1,865 by the end of the day. Silver also dropped, losing 5.5%.
Meanwhile, the Dow gained 834 points while the NASDAQ sold off into the close, primarily due to investors dumping the “stay-at-home” stocks such as Netflix and Zoom. The Dow also sold off from its highs. At one point, it was up some 1,700 points.