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Article
Publication date: 31 August 2018

Myeong-Hoon Yeom and Jihun Kim

KRX (Korea Exchange) gold market opened in March 2014 according to the government policy legalizing financial transactions, and traded one-gram unit of the real gold by…

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Abstract

KRX (Korea Exchange) gold market opened in March 2014 according to the government policy legalizing financial transactions, and traded one-gram unit of the real gold by Korean currency (KRW) in the exchange market. Despite the fact that KRX gold market showed the high efficiency in terms of tax and fee in contrast to the existing gold market, the studies on KRX gold market were scarcely performed until quite recently. This study introduce KRX gold market and shows the price discovery function of KRX gold market. Empirical analyses and the results were as follows. First, the return rate of CME gold futures at the t-1 day had a positive impact of significance on market rate of return of KRX gold market at the t day. Second, the KRX gold market also has price discovery function in global gold market. We analyze the efficiency of the KRX gold market by comparing the dollar spot price of gold in the KRX gold market and the price of CME gold futures. These results support the proper efficiency of the KRX gold market in terms of price discovery.

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Journal of Derivatives and Quantitative Studies, vol. 26 no. 3
Type: Research Article
ISSN: 2713-6647

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Article
Publication date: 3 August 2021

Rui Wang, Chunlan Liu, Yong Wei and Yudong Su

This paper aims to study the sensitivity enhancement effect of the gold nanorod on fiber surface plasmon resonance (SPR) sensor. It proposes modeling the sensing effects…

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44

Abstract

Purpose

This paper aims to study the sensitivity enhancement effect of the gold nanorod on fiber surface plasmon resonance (SPR) sensor. It proposes modeling the sensing effects of fiber SPR sensor decorated with metal nanoparticles. By using simulation and experiment, the sensitivity enhancement effect of the gold nanorod was studied and demonstrated.

Design/methodology/approach

The paper opted for an exploratory study using simulation approach of finite-difference time-domain. Specifically, the effect of ratios and aspect ratios of gold nanorod on sensing performance are investigated theoretically. Based on the mathematical models, the validation experiments by using the gold nanorod with the aspect ratios of 5.1 were done to verify the sensitivity enhancement effect of the gold nanorod.

Findings

In conclusion, it is evident that with the increases of the aspect ratios, the sensing sensitivity of the refractive index increases first, then gradually stabilizes or decreases. After parameter optimization, the ratios and aspect ratios of gold nanorod are chosen to be 8 nm and 12.5, respectively, which makes the optimal refractive index sensitivity of 4465.53 nm/RIU be realized. In addition, the validation experiments by using the gold nanorod with the aspect ratios of 5.1 verify the sensitivity enhancement effect of the gold nanorods.

Originality/value

This paper proposes and demonstrates a new method for the sensitivity enhancement of fiber SPR sensor. After parameter optimization, the maximum sensitivity of 4465.53 nm/RIU was achieved by using 8 nm gold nanorods with the aspect ratios of 12.5. To verify the sensitivity enhancement of the gold nanorods, the authors also did the validation experiments. The testing results indicated that after the decoration of the gold nanorods, the sensitivity of the sensing probe increases from 2190.57 nm/RIU to 2693.24 nm/RIU, which demonstrates the sensitivity enhancement effect of the gold nanorods.

Details

Sensor Review, vol. 41 no. 4
Type: Research Article
ISSN: 0260-2288

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Article
Publication date: 1 February 1982

G.F. Jacky

With an annual cost of gold exceeding 10 million dollars for its captive circuit board shop, Tektronix, Inc., established a task force to implement conservation. Elements…

Abstract

With an annual cost of gold exceeding 10 million dollars for its captive circuit board shop, Tektronix, Inc., established a task force to implement conservation. Elements included Purchasing, Material Control, Quality Assurance, Manufacturing and Engineering. Salient programme items were inventory reduction, material accountability, modification of processes, procedures, and equipment to improve uniformity of thickness, and elimination of non‐essential gold use. In addition, scrap‐handling procedures were modified to improve accountability and reclaim returns.

Details

Circuit World, vol. 8 no. 3
Type: Research Article
ISSN: 0305-6120

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Article
Publication date: 28 October 2014

Rifki Ismal

This paper analyzes the gold Murabahah contract, which tends to be very popular in the Indonesian Islamic banking industry. As the contract is very sensitive to the gold

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1061

Abstract

Purpose

This paper analyzes the gold Murabahah contract, which tends to be very popular in the Indonesian Islamic banking industry. As the contract is very sensitive to the gold price movement and speculative motive, a comprehensive assessment is done to assess the behavior of the gold price movement, behavior of the investors and the limits of the gold Murabahah contract. It proposes recommendations to manage the gold Murabahah contract and to mitigate its potential risks.

Design/methodology/approach

The paper examines the gold price, termination of contract and limitation of the amount of funds in the gold Murabahah transactions by using quantitative formulas, such as variance, expected prices and probability of occurrence. In addition, it includes a qualitative analysis of the historical pattern of daily gold prices in the past 12 years. As such, a combination of both approaches generates a comprehensive analysis and recommendations to policymakers, Islamic bankers and investors.

Findings

It finds some interesting outcomes with regard to the behavior of gold prices, behavior of investors regarding the gold Murabahah contract and intention of investors to terminate gold Murabahah contracts prior to their maturity date. Such outcomes become the material for the policy recommendations of the paper. Particularly, it proposes the margin of the Murabahah gold contract, tenor of the contract, down payment and a review of the base gold Murabahah regulation to manage the gold Murabahah contract and to mitigate risks.

Research limitations/implications

The paper does not consider macroeconomic variables such as inflation, exchange rate and economic growth which may affect the movement of the world’s gold prices. It does not examine the gold Murabahah contract in other countries, as it is believed that the gold Murabahah contract is very popular only in the Indonesian Islamic banking industry.

Originality/value

To the best of the author’s knowledge, this is the first paper examines the gold Murabahah contract in relation to the Indonesian Islamic banking industry.

Details

International Journal of Commerce and Management, vol. 24 no. 4
Type: Research Article
ISSN: 1056-9219

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Expert briefing
Publication date: 8 January 2020

Gold market dynamics.

Details

DOI: 10.1108/OXAN-DB249852

ISSN: 2633-304X

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Geographic
Topical
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Article
Publication date: 30 March 2012

Mansor H. Ibrahim

The purpose of this paper is to examine the relation between gold return and stock market return and whether its relation changes in times of consecutive negative market…

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4999

Abstract

Purpose

The purpose of this paper is to examine the relation between gold return and stock market return and whether its relation changes in times of consecutive negative market returns for an emerging market, Malaysia.

Design/methodology/approach

The paper applies the autoregressive distributed model to link gold returns to stock returns with TGARCH/EGARCH error specification using daily data from August 1, 2001 to March 31, 2010, a total of 2,261 observations.

Findings

A significant positive but low correlation is found between gold and once‐lagged stock returns. Moreover, consecutive negative market returns do not seem to intensify the co‐movement between the gold and stock markets as normally documented among national stock markets in times of financial turbulences. Indeed, there is some evidence that the gold market surges when faced with consecutive market declines.

Practical implications

Based on these results, there are potential benefits of gold investment during periods of stock market slumps. The findings should prove useful for designing financial investment portfolios.

Originality/value

The paper evaluates the role of gold from a domestic perspective, which should be more relevant to domestic investors in guarding against recurring heightened stock market risk.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 5 no. 1
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 1 January 2006

Shigeo Hashimoto, Masayuki Kiso, Yukinori Oda, Horoshi Otake, George Milad and Don Gudaczauskas

To report on research on the alternative surface finish “direct gold on copper”, including reaction mechanism, methods of deposition and end uses.

Abstract

Purpose

To report on research on the alternative surface finish “direct gold on copper”, including reaction mechanism, methods of deposition and end uses.

Design/methodology/approach

Examines the deposition reaction of the electroless flash gold plating bath, and the effects of the copper surface roughness and deposition time on the deposit and solderability characteristics.

Findings

Direct immersion gold is only partially immersion and mostly electroless in deposition mode. The surface is applicable to soldering for both leaded solder and lead‐free solders. The surface is also wire bondable.

Originality/value

The paper offers details of a new alternative surface finish for use in printed circuit board fabrication as well as in packaging applications. The paper shows the electroless deposition mode of the process. The finish is ideally suited where Rf losses must be minimized. It is suitable for soldering as well as for wire bonding.

Details

Circuit World, vol. 32 no. 1
Type: Research Article
ISSN: 0305-6120

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Expert briefing
Publication date: 17 January 2019

Gold outperformed other asset classes, including US equities, last year for the first time since 2011. However, this was due more to gold's relatively low volatility than…

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Article
Publication date: 1 February 1985

MICHAEL DAVID BORDO

Growing dissatisfaction with the record of discretionary monetary policy in the United States in the past decade has led to interest in alternative monetary arrangements…

Abstract

Growing dissatisfaction with the record of discretionary monetary policy in the United States in the past decade has led to interest in alternative monetary arrangements to restore price level and real output stability, and to allow the economy to grow to its potential, unfettered by macro instability. Several arrangements have come to the fore. These include: (1) a return to the classical gold standard—fixing the dollar price of gold and allowing the money supply to be governed by movements in the nation's monetary gold stock; (2) the Friedman (1960) rule—constraining the monetary authorities to establish and maintain a steady and known growth rate of the fiduciary money supply; (3) Irving Fisher's (1920) compensated dollar scheme—altering the official price of gold and hence the value of the monetary gold stock to stabilize some measure of the price level.

Details

Studies in Economics and Finance, vol. 9 no. 2
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 29 July 2014

Wen-Tsao Pan

When facing a clouded global economy, many countries would increase their gold reserves. On the other hand, oil supply and demand depends on the political and economic…

Abstract

Purpose

When facing a clouded global economy, many countries would increase their gold reserves. On the other hand, oil supply and demand depends on the political and economic situations of oil producing countries and their production technologies. Both oil and gold reserve play important roles in the economic development of a country. The paper aims to discuss this issue.

Design/methodology/approach

This paper uses the historical data of oil and gold prices as research data, and uses the historical price tendency charts of oil and gold, as well as cluster analysis, to discuss the correlation between the historical data of oil and gold prices. By referring to the technical index equation of stocks, the technical indices of oil and gold prices are calculated as the independent variable and the closing price as the dependent variable of the forecasting model.

Findings

The findings indicate that there is no obvious correlation between the price tendencies of oil and gold. According to five evaluating indicators, the MFOAGRNN forecast model has better forecast ability than the other three forecasting models.

Originality/value

This paper explored the correlation between oil and gold prices, and built oil and gold prices forecasting models. In addition, this paper proposes a modified FOA (MFOA), where an escape parameter Δ is added to Si. The findings showed that the forecasting model that combines MFOA and GRNN has the best ability to forecast the closing price of oil and gold.

Details

Kybernetes, vol. 43 no. 7
Type: Research Article
ISSN: 0368-492X

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