%0 Journal Article
%T The Dynamics of Gold Prices, Gold Mining Stock Prices and Stock Market Prices Comovements
%A Claire G. Gilmore
%A Ginette M. McManus
%A Rajneesh Sharma
%A Ahmet Tezel
%J Research in Applied Economics
%D 2009
%I 
%R 10.5296/rae.v1i1.301
%X We examine the dynamic relationships between gold prices, stock price indices of gold mining companies and broad stock market indices. Evidence of cointegration between these variables is found. A vector error-correction model reveals that both gold and large-cap stock prices adjust to disturbances to restore the long-term relationship between the variables. Short-term unidirectional causal relationships are running from large-cap stock prices to gold mining company stock prices and from gold mining company stock prices to gold prices.
%U http://www.macrothink.org/journal/index.php/rae/article/view/301