Search results

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

This study analyzes the static and dynamic risk spillover between US/Chinese stock markets, cryptocurrencies and gold using daily data from August 24, 2018, to January 29, 2021. This study provides practical policy implications for investors and portfolio managers.

The authors use the Diebold and Yilmaz (2012) spillover indices based on the forecast error variance decomposition from vector autoregression framework. This approach allows the authors to examine both return and volatility spillover before and after the COVID-19 pandemic crisis. First, the authors used a static analysis to calculate the return and volatility spillover indices. Second, the authors make a dynamic analysis based on the 30-day moving window spillover index estimation.

Generally, results show evidence of significant spillovers between markets, particularly during the COVID-19 pandemic. In addition, cryptocurrencies and gold markets are net receivers of risk. This study provides also practical policy implications for investors and portfolio managers. The reached findings suggest that the mix of Bitcoin (or Ethereum), gold and equities could offer diversification opportunities for US and Chinese investors. Gold, Bitcoin and Ethereum can be considered as safe havens or as hedging instruments during the COVID-19 crisis. In contrast, Stablecoins (Tether and TrueUSD) do not offer hedging opportunities for US and Chinese investors.

The paper's empirical contribution lies in examining both return and volatility spillover between the US and Chinese stock market indices, gold and cryptocurrencies before and after the COVID-19 pandemic crisis. This contribution goes a long way in helping investors to identify optimal diversification and hedging strategies during a crisis.

This study aims to investigate how the gold return and its volatility respond to the COVID-19 pandemic.

Stochastic volatility (SV) models are conducted to examine the response of gold to the number of new confirmed cases and deaths.

The results indicate that an increase in the change rate of the number of COVID-19 infections or fatalities leads to heightened volatility in gold prices. Moreover, the results suggest that gold volatility is more sensitive to the impacts from high-income countries than by those from middle- and low-income countries. In addition, the asymmetric effect is detected in the gold price volatility, which is contrary to the typical asymmetric effect seen in the stock market. Furthermore, the results remain robust after accounting for the US dollar and the volatility index in relation to gold returns.

This study presents whether and to what extent gold is incorporated in the information related to the number of COVID-19 cases and deaths.

This study augments the existing literature by exploring how the number of COVID-19 infections and fatalities influences gold prices. In addition, it examines the day-of-the-week and asymmetric effects that may contribute to the volatility of gold prices. To the best of the authors’ knowledge, the evolution of gold has not yet been investigated using SV models.