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Gold Shares or Gold Bullion-Which is the Better Investment?

G. D. I. Barr and J. F. Affleck-Graves
Managerial and Decision Economics
Vol. 6, No. 4 (Dec., 1985), pp. 241-245
Published by: Wiley
Stable URL: http://www.jstor.org/stable/2487030
Page Count: 5
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Gold Shares or Gold Bullion-Which is the Better Investment?
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Abstract

This paper examines, from the standpoint of the US investor, the relative merits of an investment in gold bullion vis-à-vis South African gold shares. Markowitz portfolio-selection techniques are used to examine the relative performance of gold bullion and SA gold shares quoted on the New York stock exchange over the period 1978 to 1983. It concludes that, on average, of the period examined gold shares have proved to be significantly better investments than gold bullion and considers possible reasons for this.

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