I will pay for the following essay Do a summary for <On the efficiency of the global gold markets>. The essay is to be 4 pages with three to five sources, with in-text citations and a reference page.
The second one is that the global daily spot gold price return series data should follow a martingale difference sequence. These relationships exist because the changes in key macroeconomic fundamentals are often able to explain the probability of rejecting the MDS and the RWS hypotheses. Changes in such variables are either negatively or positively related to the rejecting the MDS and the RWS hypotheses.
The article uses two main types of datasets to test their hypothesis. Such empirical proxies for the key theoretical variables are daily spot gold price return series of the gold markets and macroeconomic fundamentals such as crude oil price, broad money supply, inflation rate, t-bill rate, interbank borrowing rate, share price, residential property price and multilateral exchange rate.
Data for daily spot gold price return series of the gold markets was collected from DataStream database as well as from World Gold Council (WGC) website. However, data for macroeconomic fundamentals was collected from diverse sources. For instance, macroeconomic data on inflation (CPI) rate, share price, broad money supply, interbank rate, and interest
(T-bill) rate were collected from DataStream where as data on residential property prices and multilateral (effective) exchange rate were collected from the Bank for International Settlement (BIS) website.
Firstly, the authors found out that gold markets in Vietnam, Egypt, UAE, Indonesia, Saudi Arabia, Mexico, Russia, Pakistan, and Nepal are not weak-form efficient from both the perspectives of the strict RWS as well as the relaxed MDS sense. However, both MDS and RWS hypotheses can be accepted and not rejected for gold markets in US, Hong Kong, UK, Japan and Switzerland at the conventional rejection levels. Further, they found out that gold markets in South Africa, Australia, Taiwan, Bahrain, Malaysia, Turkey, Brazil,