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Opinion
John Authers

Gold's Bad Vaccine Year May Contain a Troubling Message

The metal’s strange decline at a time of surging inflation may signal a possible tantrum in the bond market and a correction in stocks.

Gold should be shining at a time like this. What does it mean that it isn't?

Gold should be shining at a time like this. What does it mean that it isn't?

Photographer: DAVID GRAY/AFP/Getty Images

It’s been 12 months. On Nov. 9 last year, Pfizer Inc. awoke the world to the triumphant news that it had developed a vaccine for Covid-19 that worked.

It was one of the clearest market turning points in memory. As far as most of us were concerned, it was also one of the best items of news we could remember. It came as a double whammy, with the market also having its first chance to react to the announcement over the weekend that Joe Biden had emerged victorious in the presidential election.