 Will precious metals shine? A market efficiency perspectiveAmélie Charles, Olivier Darné and Jae Kim International Review of Financial Analysis, 2015, vol. 41, issue C, 284-291 Abstract: Precious metals (gold, silver, and platinum) have become an important part of investment portfolios for individuals as well as for institutions. This paper examines the weak-form efficiency of precious metal markets, using the automatic portmanteau and variance ratio tests. It is found that return predictability of these markets has been changing over time, depending on the prevailing economic and political conditions. The return predictability of gold and silver markets has been showing downward trends, implying that the degree of the weak-form efficiency of these markets has been gradually improving. In particular, the gold market has been highly efficient recently, showing the highest degree of market efficiency among the three precious metal markets. Keywords: Adaptive markets hypothesis; Martingale difference hypothesis; Market efficiency; Return predictability (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:41:y:2015:i:c:p:284-291 DOI: 10.1016/j.irfa.2015.01.018 Access Statistics for this article International Review of Financial Analysis is currently edited by B.M. Lucey More articles in International Review of Financial Analysis from Elsevier |
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