The Evolving Relationship between Gold and Silver 1978-2002: Evidence from a Dynamic Cointegration Analysis: A Note

Edel Tully, B. Lucey
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引用次数: 6

Abstract

Traditionally, analysts and traders have expected to see a stable, reasonably predictable, relationship between the price (and thus the rate of return) of gold and silver. Both these metals retain important industrial, commercial and investment uses. Recent research has cast some doubt on this assumption. We find that while over the 1990's the relationship may well have been more unstable, when a longer timeframe is examined the relationship is stable but weakening. This we hypothesize is due to the changing nature of the demand patterns for gold versus silver.
1978-2002年黄金与白银的演化关系:来自动态协整分析的证据
传统上,分析师和交易员期望看到黄金和白银的价格(以及回报率)之间稳定的、合理可预测的关系。这两种金属都保留着重要的工业、商业和投资用途。最近的研究对这一假设提出了一些质疑。我们发现,虽然在20世纪90年代,这种关系可能更不稳定,但当更长的时间框架被检查时,这种关系是稳定的,但正在减弱。我们假设这是由于黄金与白银需求模式的本质变化。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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