Gold climbs up after Omicron’s spread
Gold jumped as investors grappled with the widening spread of a new coronavirus variant as well as inflation that’s proving to be more persistent than previous predictions. Gold has been relatively choppy lately as the omicron issue has been tough to figure out at the moment, with so little data on it currently. Spot gold advanced as much as 1.1% to 1,794.48 USD an ounce and was at 1,788.22 USD by 6:59 a.m. in London.
Gold´s performance over 5 years. (Source: Investing.com) *
Oil drops after new Covid variant
Oil posted its worst day of the year on Friday, tumbling to the lowest level in more than two months as the new Covid-19 strain sparked fears about a demand slowdown just as supply increases. The leg lower came amid a broad sell-off in the market with the Dow dropping more than 900 points.
Moderna grows after Omicron Vaccine early in 2022
Moderna Inc. posted its best two-day rally in a year after the company said a new vaccine to fight the omicron strain of the coronavirus could be ready by early 2022 if required. Moderna’s mRNA technology is ideally suited to adapting vaccines to new variants. The stock jumped 12% to the highest level since Sept. 30 after surging 21% during Friday’s global risk-asset selloff, to reclaim its place as top performer on the S&P 500 year-to-date.
Elon Musk worried about Space X
Elon Musk is angry with the lack of progress SpaceX has made in developing the Raptor engines that power its Starship rocket. Starship is the massive, next-generation rocket SpaceX is developing to launch cargo and people on missions to the moon and Mars. The billionaire founder has repeatedly described production as the most difficult part of creating SpaceX’s mammoth rocket. Notably, SpaceX is currently ramping up production of its Starlink antennas “to several million units per year,” Musk said in the, but those will be “useless otherwise” if Raptor does not succeed.
Bitcoin enters bear market territory
Bitcoin fell sharply alongside other assets on Friday, hitting a seven-week low and officially entering bear market territory.
The world’s biggest cryptocurrency sank nearly 8% in the last 24 hours to $54,321, according to Coin Metrics data. The slide brought bitcoin to its lowest level since early October.
Watch this week:
On Tuesday, Biden Administration announced plans to release 50 million barrels of oil from the Strategic Petroleum Reserve.
On Friday, will European Central Bank President Lagarde Speak about a major influence over the value of the euro.
* Past performance is no guarantee of future results