Evaluation of gold as an investment asset: the South African context

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dc.contributor.authorPule, Barrend Pule
dc.date.accessioned2013-07-26T08:42:20Z
dc.date.available2013-07-26T08:42:20Z
dc.date.issued2013-07-26
dc.descriptionThesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2013.en_ZA
dc.description.abstractThis study examines potential benefits of investing in various gold investment vehicles in terms of risk and return from a typical South African investor’s perspective. Furthermore, the study examines the relationship between gold price and South African macroeconomic variables. Data used in the study comprises of monthly closing share price data of JSE listed gold mining companies, gold price, Krugerrand coin, NewGold ETF, FTSE/JSE all share index, gold mining index, unit trust index (gold & precious metals), real GDP, rand/dollar exchange rate, repo rate and CPI. It was found that gold bullion produced superior abnormal returns and yielded greater capital growth compared to the JSE all share index. However, the JSE all share index exhibit lower volatility compared to gold bullion. Abnormal returns for JSE listed gold mining companies tend to differ substantially from gold bullion abnormal returns. Gold mining companies exhibit added risk which cannot be attributed to the gold bullion. Gold has a potential to reduce systematic risk when added to a portfolio of stocks. A multiple regression model was estimated which relates gold price to South African macroeconomic variables. It was found that gold price depends on real GDP and rand/dollar exchange rate.en_ZA
dc.identifier.urihttp://hdl.handle.net/10539/12911
dc.language.isoenen_ZA
dc.subjectGolden_ZA
dc.subjectInvestmenten_ZA
dc.subjectSouth Africaen_ZA
dc.subjectJohannesburg Stock Exchangeen_ZA
dc.subjectJSEen_ZA
dc.subjectRisken_ZA
dc.titleEvaluation of gold as an investment asset: the South African contexten_ZA
dc.typeThesisen_ZA
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