The Financial Economics of Gold – A Survey

60 Pages Posted: 9 Jul 2015  

Fergal A. O'Connor

University of York - The York Management School; University of Dublin - Business School and Institute for International Integration Studies

Brian M. Lucey

Trinity Business School, Trinity College Dublin; University of Ljubljana - Faculty of Economics

Jonathan A. Batten

Monash 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

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

Fergal A. O'Connor

University of York - The York Management School ( email )

Sally Baldwin Buildings
Heslington
York, North Yorkshire YO10 5DD
United Kingdom

University of Dublin - Business School and Institute for International Integration Studies ( email )

2-3 College Green
Dublin 2, Leinster 2
Ireland

Brian M. Lucey (Contact Author)

Trinity Business School, Trinity College Dublin ( email )

The Sutherland Centre, Level 6, Arts Building
Dublin 2
Ireland
+353 1 608 1552 (Phone)
+353 1 679 9503 (Fax)

University of Ljubljana - Faculty of Economics ( email )

Kardeljeva ploscad 17
Ljubljana, 1000
Slovenia

Jonathan A. Batten

Monash University ( email )

Melbourne
Australia

Dirk G. Baur

University of Western Australia - Business School ( email )

School of Business
35 Stirling Highway
Crawley, Western Australia 6009
Australia

Financial Research Network (FIRN)

C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia

HOME PAGE: http://www.firn.org.au

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