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The gold market at the Paris stock exchange: a risk-return analysis 1950-2003
Der Goldmarkt an der Pariser Börse: eine Rendite-Risiko-Analyse 1950-2003
[journal article]
Abstract "This paper aims to study the return of investment in gold assets quoted at the Paris stock exchange during 54 years, from 1950 to 2003. Contrarily to what is thought about this mythical metal, its risk-return is very inferior to other financial assets (stocks and bonds). While it has a high degree ... view more
"This paper aims to study the return of investment in gold assets quoted at the Paris stock exchange during 54 years, from 1950 to 2003. Contrarily to what is thought about this mythical metal, its risk-return is very inferior to other financial assets (stocks and bonds). While it has a high degree of risk, its return is less than that of the risk-free asset. Moreover for individual investors, investment in gold has given a very low result in real terms. A capital of 100 new francs invested in the gold coin napoleon in December 1949 would have been liquidated for 56 new francs in December 2003. So its real rate of return was -1% per year." (author's abstract)... view less
Keywords
return; money market; purchasing power; financial market; gold; France; investment; historical development; assets; stock exchange; capital assets
Classification
National Economy
General History
Method
empirical; historical; quantitative empirical
Document language
English
Publication Year
2010
Page/Pages
p. 389-411
Journal
Historical Social Research, 35 (2010) 3
DOI
https://doi.org/10.12759/hsr.35.2010.3.389-411
ISSN
0172-6404
Status
Published Version; peer reviewed