The Financial Economics of Gold – A Survey

O'Connor, Fergal A.; Lucey, Brian M.; Batten, Jonathan A.; Baur, Dirk G.

doi:10.2139/ssrn.2628018

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The Financial Economics of Gold – A Survey

FIRN Research Paper No. 2628018

60 Pages Posted: 9 Jul 2015

See all articles by Fergal A. O'Connor

Trinity Business School, Trinity College Dublin; Jiangxi University of Finance and Economics; Abu Dhabi University - College of Business Administration; Ho Chi Minh City University of Economics and Finance

Jonathan A. Batten

RMIT University

Dirk G. Baur

University of Western Australia - Business School; Financial Research Network (FIRN)

Date Written: July 8, 2015

Abstract

We review the literature on gold as an investment. We begin with a review of how the gold markets operate, including the under researched leasing market; we proceed to examine research on physical gold demand and supply, gold mine economics and move onto analyses of gold as an investment. Additional sections provide context on gold market efficiency, the issue of gold market bubbles, gold’s relation to inflation and interest rates, and the very nascent literature on the behavioural aspects of gold.

Keywords: Gold, survey, review

JEL Classification: E44, F33, G15, L72, Q31

Suggested Citation: Suggested Citation

O'Connor, Fergal A. and Lucey, Brian M. and Batten, Jonathan A. and Baur, Dirk G., The Financial Economics of Gold – A Survey (July 8, 2015). FIRN Research Paper No. 2628018, Available at SSRN: https://ssrn.com/abstract=2628018 or http://dx.doi.org/10.2139/ssrn.2628018