علیت کوانتولی بین کالای طلا و قیمت سهام طلا

We found mixed evidence regarding quantile causality from gold commodity to gold stock returns for global, regional and individual country gold stock price indices. More specifically, gold prices Granger-caused Australian gold stock returns in all quantiles, but there was no quantile causality for either gold stock returns for companies located in the Europe-Middle East-Africa regions or the upper quantiles of companies located in America. In contrast, we found consistent evidence of quantile causality from gold stock returns to gold prices. These results would indicate that gold price shocks do not translate directly into wealth shocks for gold companies and that investors and risk managers could use the information regarding gold commodity and gold stock prices to improve decision making.