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Analysis of the Relationship between SPDR® Gold Trust Holdings and Gold Bullion Prices
WMS Journal of Management
View Archive Info| Field | Value | |
| Title |
Analysis of the Relationship between SPDR® Gold Trust Holdings and Gold Bullion Prices
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| Creator |
Tangkurmit, Sarinya
Chaivichayachat, Bundit |
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| Description |
The objective of this research is to study the relationship between SPDR® gold trust holdings and gold bullion prices. Simultaneous equation model was employed to define equilibrium gold bullion prices. Next step is to estimate the reduced form parameters by using two-stage least squares method and testing the reliability of model. Finally, we simulated the estimated model in order to analyze the impacts of the establishment of SPDR® gold trust on the equilibrium gold bullion prices during the sampling period, from the first quarter of 1973 to the fourth quarter of 2010. The empirical results show that, SPDR® gold trust holdings generate a positive relationship on the equilibrium gold bullion prices. The results from the reliability test of model confirm that the model estimated can be utilized to forecast and explain the movement of the equilibrium gold bullion prices. Finally, the simulation finds that the establishment of SPDR® gold trust induces a positive impact on the equilibrium gold prices. For the implication, the customer and investor that interested in gold saving or gold investment should follow information about the factors affecting gold bullion prices. Because they indicate the directions of the future gold prices.
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| Publisher |
WMS Journal of Management
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| Date |
2016-03-23
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Original Articles Commentary |
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| Format |
application/pdf
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| Identifier |
http://tci-thaijo.org/index.php/wms/article/view/52869
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| Source |
WMS Journal of Management; Vol 2 No 1 (2013): January - April 2013; 70-84
2286-718X |
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| Language |
eng
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| Relation |
http://tci-thaijo.org/index.php/wms/article/view/52869/43911
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| Rights |
Copyright (c) 2017 WMS Journal of Management
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