There is much we don’t yet know about the latest Covid-19 variant, Omicron but one thing is now clear; it’s a strong propellant for gold and pushed the precious metal above £1,351 ($1,800) in trading yesterday (Tuesday). At its high, gold hovered around £1,359 ($1,811) in reaction to news that the head of Moderna had warned that it was seemingly inevitable that vaccines would be less effective.
In comments which shook an already rattled stock market, Stéphane Bancel said, “There is no world, I think, where [the effectiveness] is the same level … we had with [the] Delta [variant]… we don’t know what we don’t know.”
While others urged against panic, Bancel estimated that it would take months to develop and then roll out a vaccine targeting the variant – something which suggests that gold could break out even higher as case numbers continue to pile up in countries around the world.
Don’t delay. Buy gold now.