KaydedilenlerDerginizi ekleyin

Dergiler / Uluslararası Bankacılık Ekonomi ve Yönetim Araştırmaları Dergisi / 2025 / Cilt: 8 Sayı: 2

Borsa İstanbul Kıymetli Madenler Piyasası Bağlamında Altın Fiyatları İçin Zayıf Etkinlik Sınaması

Weak Efficiency Test For Gold Prices İn The Context Of Borsa Istanbul Precious Metals Market

Mustafa Talha Uzuner(YALOVA ÜNİVERSİTESİ, ÇINARCIK MESLEK YÜKSEKOKULU)0000-0002-0695-1101
Sayfa
117–152
Yayın Tarihi
2025-12-31
🏛️Bu makalenin bibliyografik verileri ve tam metin bağlantısı DergiPark üzerinden sağlanmıştır.
DergiPark Kaydı ↗
✨

Yapay Zeka Hızlı Bakış & Çıkarımlar

AI Insight
⚡ TL;DR(1 Cümlede Hızlı Çıkarım)

Her iki sonuç da altın fiyatlarındaki değişimlerin hem TL hem de USD cinsinden rassal olarak oluşmadıkları, diğer bir anlatımla fiyatların birbirleri ile ilişkili oldukları tespit edilmiş, bu nedenle de Borsa İstanbul Kıymetli Madenler Piyasası içinde yer alan altın piyasasının zayıf etkin bir piyasa olmadığı tespit edilmiştir.

📌 3 Maddede Bu Makale

🎯
Amaç & Hipotez:Bu çalışma, Borsa İstanbul Kıymetli Madenler Piyasasında, 3 Ocak 2017 - 31 Ocak 2025 tarihleri arasında, altın fiyatlarının günlük kapanış fiyat değişimlerinin zayıf etkin pazar hipotezi bağlamında sınanmasını amaçlamıştır.
📊
Temel Bulgular & Veri:Finans teorisinde, zayıf etkin piyasa türünün belirlenmesinde koşu testi (run test), serisel korelasyon ve Alexander’in filtre testi yöntemlerinin kullanılması önerildiği için söz konusu bu çalışmada koşu testi ve serisel korelasyon yöntemlerinden faydalanılmıştır.
💡
Sonuç & Katkı:Her iki sonuç da altın fiyatlarındaki değişimlerin hem TL hem de USD cinsinden rassal olarak oluşmadıkları, diğer bir anlatımla fiyatların birbirleri ile ilişkili oldukları tespit edilmiş, bu nedenle de Borsa İstanbul Kıymetli Madenler Piyasası içinde yer alan altın piyasasının zayıf etkin bir piyasa olmadığı tespit edilmiştir.
🔬Tür:Araştırma Makalesi
📍Kapsam:2017 Verileri
⚙️Değişkenler:Borsa İstanbul Kıymetli Madenler Piyasası · Altın fiyatları · Zayıf Etkin Pazar Hipotezi

Özet

Bu çalışma, Borsa İstanbul Kıymetli Madenler Piyasasında, 3 Ocak 2017 - 31 Ocak 2025 tarihleri arasında, altın fiyatlarının günlük kapanış fiyat değişimlerinin zayıf etkin pazar hipotezi bağlamında sınanmasını amaçlamıştır. Finans teorisinde, zayıf etkin piyasa türünün belirlenmesinde koşu testi (run test), serisel korelasyon ve Alexander’in filtre testi yöntemlerinin kullanılması önerildiği için söz konusu bu çalışmada koşu testi ve serisel korelasyon yöntemlerinden faydalanılmıştır. İlgili çalışmada koşu testi analizi, Borsa İstanbul Kıymetli Madenler Piyasası içinde yer alan altın piyasası için hem Türk Lirası (TR/KG) hem de ABD doları (USD/ONS) cinsinden gerçekleştirilmiştir. Her iki sonuç da altın fiyatlarındaki değişimlerin hem TL hem de USD cinsinden rassal olarak oluşmadıkları, diğer bir anlatımla fiyatların birbirleri ile ilişkili oldukları tespit edilmiş, bu nedenle de Borsa İstanbul Kıymetli Madenler Piyasası içinde yer alan altın piyasasının zayıf etkin bir piyasa olmadığı tespit edilmiştir. Çalışmada gerçekleştirilen diğer analiz yöntemi olan serisel korelasyon analizinin sonuçları da koşu testi sonuçlarıyla benzerlik göstermiştir. Buna göre serisel korelasyon analizinden elde edilen bulgular, Borsa İstanbul Kıymetli Madenler Piyasası içinde yer alan altın piyasasının hem Türk Lirası (TR/KG) hem de ABD doları (USD/ONS) cinsinden zayıf etkin bir piyasa biçimine sahip olmadığını göstermiştir.

Abstract

His study aimed to test the daily closing price changes of gold prices in Borsa Istanbul Precious Metals Market between January 3, 2017 and January 31, 2025 in the context of weak efficient market hypothesis. Since the use of run test, serial correlation and Alexander's filter test methods is recommended in determining the weak efficient market type in finance theory, this study utilized run test and serial correlation methods. In the relevant study, the run test analysis was performed for the gold market in Borsa Istanbul Precious Metals Market in both Turkish Lira (TR/KG) and US Dollar (USD/ONS). Both results showed that the changes in gold prices did not occur randomly in both TL and USD, in other words, the prices were related to each other, therefore it was determined that the gold market in Borsa Istanbul Precious Metals Market was not a weak efficient market. The results of the other analysis method, serial correlation analysis, were also similar to the run test results. Accordingly, the findings obtained from the serial correlation analysis showed that the gold market within the Borsa Istanbul Precious Metals Market does not have a weak efficient market form in terms of both Turkish Lira (TR/KG) and US Dollar (USD/ONS).

🔖

Bu Makaleye Atıf Yap

Uzuner, M. T. (2025). Borsa İstanbul Kıymetli Madenler Piyasası Bağlamında Altın Fiyatları İçin Zayıf Etkinlik Sınaması. Uluslararası Bankacılık Ekonomi ve Yönetim Araştırmaları Dergisi, Cilt: 8 Sayı: 2, 117–152. https://doi.org/10.52736/ubeyad.1783124

📄 Tam Metin PDF Okuyucu

📄

PDF görüntüleyici hazırlanıyor...

Kaynakça (107)

  1. Abken, P. A. (1980). The economics of gold price movements. Economic Review, March/April, Federal Reserve Bank of Richmond, 3-13.
  2. Adrangi, B., Chatrath, A. ve David, C. R. (2000). Price discovery in strategically-linked markets: the case of the gold-silver spread. Applied Financial Economics, 10(1), 227–234. https://doi.org/10.1080/096031000331644
  3. Adrangi, B., Chatrath, A. ve Raffiee, K.(2003).Economic activity, inflation and hedging: The case of gold and silver investments. The Journal of Wealth Management 6, 60-77.
  4. Afşar, K. E. (2022). Ekonofizik, menkul kıymet borsalarında fiyat dinamikleri. İstanbul: Efe Akademi Yayınları.
  5. Aggarwal, R., Lucey, B. M. ve O’Connor, F. (2014). Rationality in precious metals forward markets: Evidence of behavioural deviations in the gold markets. Journal of Multinational Financial Management, 25-26, 110–130. https://doi.org/10.1016/j.mulfin.2014.06.001
  6. Akkurt, M. (1999). Bilgisayar destekli uygulamalı istatistik. İstanbul: Birsen Yayınevi.
  7. Aksoy, M. (2013). Day of the week anomaly for Istanbul gold exchange: Gold and silver data. Muhasebe ve Finansman Dergisi, (57), 149-152.
  8. Andrews, D.W. (1993). Tests for parameter ınstability and structural change with unknown change point. Econometrica, 61(4), 821–856. https://doi.org/10.2307/2951764
  9. Anikin, A. V. (2010). Altın…sarı şeytan, (Çev. Ed. A. Güler). İstanbul: Yazılama Yayınevi.
  10. Armutlulu, İ. H. (2008). İşletmelerde uygulamalı istatistik. İstanbul: Alfa Yayınevi.
  11. Artıga-Purcell, J. A. (2013). The political economy of gold mining: An analysis of canadian gold mining transnational. Corporations’ dominance in Latin America in relation to U.S. mining corporations, İSS.
  12. Aruga, K. ve Managi, S. (2011). Tests on price linkage between the U.S. and Japanese gold and silver futures markets. Economics Bulletin, 31(2), 1038–1046.
  13. Aydal, D. (2020). Maden Savaşları. İstanbul: Motto Yayınları.
  14. Baker, S. A. ve Tassel, R. C. (1985). Forecasting the price of gold: A fundamentalist approach. Atlantic Economic Journal, 13(4), sf. 43-51.
  15. Ball, C. A., Torous, W. N. ve Tschoegl, A. E. (1982). Gold and the weekend effect. Journal of Futures Markets, 2, 175–182. https://doi.org/ 10.1002/fut.3990020209
  16. Ball, C. A., Torous, W. N ve Tschoegl, A. E. (1985). The degree of price resolution: The case of the gold market. Journal of Futures Markets, 5, 29–43.
  17. Basu, S. ve Maclyn, C. L. (1993). A comparative analysis of gold market efficiency using derivative market information. Resources Policy, 19, 217–224. https://doi.org/10.1016/0301-4207(93)90007-A
  18. Batten, J. A., Ciner, C. Ve Brian M. Lucey,B.M. (2010). The macroeconomic determinants of volatility in precious metals markets, Resources Policy 35, 65–71.
  19. Batten, J. A., Ciner, C., Lucey, B. M. ve Szilagyi, P. G. (2013). The structure of gold and silver spread returns. Quantitative Finance, 13, 561-570.
  20. Batten, J. A., Ciner, C. ve Lucey, B. M. (2014a). Which precious metals spill over on which, when and why? Some evidence. Applied Economics Letters, 22, 466–473. https://doi.org/10.1080/13504851.2014.950789
  21. Batten, J. A., Ciner, C. ve Lucey, B. M. (2014b). On the economic determinants of the gold-inflation relation. Resources Policy, 41, 101–108. https://doi.org/10.1016/j.resourpol.2014.03.007
  22. Batten, J. A., Lucey, B. M. ve Peat, M. (2016). Gold and silver manipulation: What can be empirically verified? Economic Modelling, 56, 168-1. https://doi.org/10.1016/j.econmod.2016.03.005
  23. Beckers, S. (1984). On the efficiency of the gold options market. Journal of Banking & Finance, 8, 459–470. https://doi.org/10.1016/S0378-4266(84)80064-3
  24. Beckmann, J. ve Czudaj,R. (2013). Gold as an ınflation hedge in a time varying coefficient framework. The North American Journal of Economics and Finance, 24, 208–222. https://doi.org/10.1016/j.najef.2012.10.007
  25. Bekçioğlu, S., Öztürk, M. ve Coşkun, Y. (2005). İzmir ticaret borsasının zayıf etkin şekilde test edilmesi. ADÜ Ziraat Fakültesi Dergisi, 2(1), 59-65.
  26. Bildirici, M. E. ve Turkmen, C. (2015). Nonlinear causality between oil and precious metals. Resources Policy, 46(2), 202–21. https://doi.org/10.1016/j.resourpol.2015.09.002
  27. Blose, L. E. ve Gondhalekar, V. (2013). Weekend gold returns in bull and bear markets. Accounting and Finance, 53, 609–622. https://doi.org/10.1111/j.1467-629X.2012.00497.x
  28. Byers, J. D. ve Peel, D. A. (2001). Volatility persistence in asset markets: Long memory in high/low prices. Applied Financial Economics, 11, 253–260. https://doi.org/10.1080/096031001300138645
  29. Chan, M. T. ve Mountain, D. C. (1988). The Interactive and causal relationships ınvolving precious metal price movements: An analysis of the gold and silver markets. Journal of Business & Economic Statistics, 6(1), 69–77. https://doi.org/10.2307/1391419
  30. Chatrath, A., Adrangi, B. ve Allender, M. (2001). The impact of margins in futures markets: Evidence from the gold and silver markets. Quarterly Review of Economics and Finance, 41(2), 279–294. https://doi.org/10.1016/S1062-9769(00)00068-5
  31. Cheung, Yin-Wong, ve Lai, K. S. (1993) Do Gold Market returns have long memory? Financial Review, 28, 181–202. https://doi.org/10.1111/j.1540-6288.1993.tb01344.x
  32. Chng, M. T, ve Foster, G.M. (2012). The implied convenience yield of precious metals: safe haven versus industrial usage. Review of Futures Markets, 20, 349–94.
  33. Cifarelli, G. ve Paladino, G. (2015). A dynamic model of hedging and speculation in the commodity futures markets. Journal of Financial Markets, 25, 1–15. https://doi.org/10.1016/j.finmar.2015.07.002
  34. Ciner, C. (2001). On the long run relationship between gold and silver prices: A note. Global Finance Journal, 12(2), 299–303.
  35. Elmas, B. ve Polat, M. (2013). Gümüş fiyatları ve Dow Jones endeksinin altın fiyatlarına etkisi üzerine eş bütünleşme ve nedensellik analizi. Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 3(6), 33-48.
  36. Escribano, A. ve Granger, C. W. (1998). Investigating the relationship between gold and silver prices. Journal of Forecasting, 17(2), 81–107. https://doi.org/10.1002/(SICI)1099-131X(199803)17:2%3C81::AID-FOR680%3E3.0.CO;2-B
  37. Ewing, B. T. ve Malik, F. (2013). Volatility transmission between gold and oil futures under structural breaks. International Review of Economics & Finance, 25, 113–121. https://doi.org/10.1016/j.iref.2012.06.008
  38. Eyüpoğlu, K. ve Kızıltporak, G. (2012). Metal emtia fiyatlarında zayıf formda etkinliğin incelenmesi. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 24(2), 605-618. https://doi.org/10.32709/akusosbil.932814
  39. Fama, E. F. (1965). The Behavior of stock market prices. The Journal of Bussiness, C. 38, No.1, 1965, ss.34-105.
  40. Fama, E.F. (1970). Efficient capital markets: A review of theory and empirical works. Journal of Finance, XXV(2), 383 – 417.
  41. Feldstein, M. (1980). Inflation, tax rules, and the prices of land and gold. Journal of Public Economics, 14, 309–317. https://doi.org/10.1016/0047-2727(80)90029-8
  42. Frank, M. ve Stengos, T. (1989). Measuring the strangeness of gold and silver rates of return. The Review of Economic Studies, 56(4), 553–567. https://doi.org/10.2307/2297500
  43. Garbade, K. D. ve Silber, W. L. (1983a). Price movements and price discovery in futures and cash markets. Review of Economics & Statistics, 65(2), 289. https://doi.org/10.2307/1924495
  44. Garbade, K. D. ve Silber, W.L. 1(983b). Futures Contracts on Commodities with Multiple Varieties: An Analysis of Premiums and Discounts, The Journal of Business 56, 249.
  45. Gerolimetto, M., Procidano, I. ve Luchini, S. (2006). Dynamic cointegration and relevant vector machine: the relationship between gold and silver. Society for Computational Economics Working Paper Series, 380, 2– 5.
  46. Gosh, D., Levin, E.J., Macmillan, P. Ve Wright, R.E.(2002). Gold as an inflation hedge?, University of St. Andrews, Department of Economics, Discussion Paper Series.
  47. Goss, B. A. (1983). Forward pricing and efficiency in the silver market. Resources Policy, 9(1), 54–63. https://doi.org/10.1016/0301-4207(83)90039-9
  48. Gür, Y. E. (2024). Comparative analysis of deep learning model for silver price prediction: CNN, LSTM, GRU and hybrid approach. Akdeniz İİBF Dergisi, 24(1),1-43. https://doi.org/10.25294/auiibfd.1404173
  49. Harmston, S. (1998). Gold as a store of value London: Centre for public policy studies. Research Study No. 22, The World Gold Council.
  50. Harper, A., Zhenhu, J. ve Sokunle, R. (2015). Examining market efficiency: A view from the silver futures market. Journal of Finance and Accountancy, 20, 1-6.
  51. Hauptfleich, M., Putnins, T. J. ve Lucey, B. (2016). Who sets the price of gold? London or NewYork. Journal of Futures Market, 36(6), 564-586. https://doi.org/10.1002/fut.21775
  52. Ivanova, K. ve Ausloos, M. (1999). Low q-moment multifractal analysis of gold price, Dow Jones ındustrial average and BGL-USD exchange rate. European Physical Journal, 8, 665–669.
  53. İslamoğlu, E. (2018). Analysıs Of The Lowest And The Hıghest Values Of The Gold Exchange Transactıons By Usıng Var. Uluslararası Medeniyet Çalışmaları Dergisi, 3(1), 116-139. https://doi.org/10.26899/inciss.160
  54. Jaffe, J. F. (1989). Gold and gold stocks as ınvestments for ınstitutional portfolios. Financial Analysts Journal, 45, 53–59. https://doi.org/10.2469/faj.v45.n2.53
  55. Kearney, A. ve Lombra, R. (2008). Nonneutral short-run effects of derivatives on gold prices. Applied Financial Economics, 18, 985–994. https://doi.org/10.1080/09603100701367419
  56. Kearney, A. ve Lombra, R. (2009). Gold and platinum: Toward solving the price puzzle. Quarterly Review of Economics and Finance, 49, 884–892. https://doi.org/10.1016/j.qref.2008.08.005
  57. Kıyılar, M. (1998). Etkin pazar kuramının İMKB’de test edilmesi. Yönetim Dergisi, 9(29), 34-51.
  58. Kolluri, B. R.( 1981). Gold as a hedge against inflation: an empirical investigation. Quarterly Review of Economics and Business 21, pp. 13–24
  59. Koutsoyiannis, A. (1983). A short-run pricing model for a speculative asset, tested with data from the gold bullion market. Applied Economics, 15(5), 563–581. https://doi.org/10.1080/00036848300000037
  60. Larsen, A.B. ve McQueen,G.R. (1995) REITs, real estate and inflation: Lessons from the gold market, Journal of Real Estate Finance and Economics 10, 285-297
  61. Levin, E. J., Ghosh, D., MacMillan, P. ve Wright, R. E. (2004). Gold as an inflation hedge?. Studies in Economics and Finance, 22, 1-25
  62. Levin, E. J., Montagnoli, A. ve Wright, R. E. (2006). Short-run and long-run determinants of the price of gold, World Gold Council. Research Study, No. 32.
  63. Liu, S. M. ve Chou, C. H. (2003). Parities and spread trading in gold and silver markets: A fractional cointegration analysis. Applied Financial Economics, 13(12), 899–911. https://doi.org/10.1080/0960310032000129626
  64. Longin, F. M. (1999). Optimal margin level in futures markets: Extreme price movements. Journal of Futures Markets, 19(2), 127–152. https://doi.org/10.1002/(SICI)1096-9934(199904)19:2%3C127::AID-FUT1%3E3.0.CO;2-M
  65. Lucey, B. M. ve Tully, E. (2006). The evolving relationship between gold and silver 1978-2002: Evidence from a dynamic cointegration analysis: A note. Applied Financial Economics Letters, 2, 47–53. https://doi.org/10.1080/17446540500426789
  66. Ma, C. K. (1985). Spreading between the gold and silver markets: Is there a parity? Journal of Futures Markets, 5(4), 579–594. https://doi.org/10.1002/fut.3990050406
  67. Ma, C. K. ve Soenen, L. A. (1988). Arbitrage opportunities in metal futures markets. Journal of futures markets, 8(2),199–209. https://doi.org/ 10.1002/fut.3990080207
  68. McQueen, G. ve Thorley, S. (1997). Do ınvestors learn? Evidence from a gold market anomaly. Financial Review, 32, 501–525. https://doi.org/10.1111/j.1540-6288.1997.tb00436.x
  69. Melvin, M. ve Sultan, J. (1990). South African political unrest, oil prices, and the time varying risk premium in the gold futures market. Journal of Futures Markets, 10, 103–111.
  70. Moore, G. H. (1990). Gold prices and a leading index of inflation, Challenge33, 52-56.
  71. Moralı, T. ve Uyar, U. (2018). Kıymetli madenler piyasasının franktal analizi. Hitit Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 11(3), 2203-2218. https://doi.org/10.17218/hititsosbil.441151
  72. Mutafoglu, T. H., Tokat, E. ve Tokat, H. A. (2012). Forecasting precious metal price movements using trader positions. Resources Policy, 37(3), 273–280. https://doi.org/10.1016/j.resourpol.2012.02.002
  73. Narayan, P. K., Narayan, S. ve Zheng, X. (2010). Gold and oil futures markets: Are markets efficient? Applied Energy, 87, 3299–3303. https://doi.org/10.1016/j.apenergy.2010.03.020
  74. Ntim, C. G., English, J., Nwachukwu, J. ve Wang, Y. (2015). On the efficiency of the global gold markets. International Review of Financial Analysis. https://doi.org/10.1016/j.irfa.2015.03.013
  75. Ntungo, C. ve Boyd, M. (1998). Commodity futures trading performance using neural network models versus ARIMA models. The Journal of Futures Markets, 18(8), 965–983. https://doi.org/10.1002/(SICI)1096-9934(199812)18:8%3C965::AID-FUT5%3E3.0.CO;2-A
  76. O'Connor, F. A., Lucey, B. M., Batten, J. A., ve Baur, D. G. (2015). The financial economics of gold—A survey. International Review of Financial Analysis, 41, 186-205.
  77. Paschke, R. ve Prokopczuk, M. (2012). Investing in commodity futures markets: Can pricing models help? The European Journal of Finance, 18(1), 59–87. https://doi.org/10.1080/1351847X.2011.601658
  78. Pierdzioch, C., Risse, M. ve Rohloff, S. (2015). Cointegration of the 63 prices of gold and silver: RALS-based evidence. Finance Research Letters, vol:15, 133–13. https://doi.org/10.1016/j.frl.2015.09.003
  79. Radetzki, M. (1989). Precious metals: The fundamental deteminants of their price behaviour. Resources Policy, 15, 194–208. https://doi.org/10.1016/0301-4207(89)90052-4
  80. Ranson, D.,ve Wainwright, H. C. (2005). Inflation protection: Why gold works better than “linkers”. London, World Gold Council.
  81. Ratner, M. (1992). Inflation, currency, devaluation, and the price of gold. American Business Review, 10(1), 93-97.
  82. Reboredo, J. C. ve Ugolini, A. (2016). The impact of downward/upward oil price movements on metal prices. Resources Policy, 49, 129–141. https://doi.org/10.1016/j.resourpol.2016.05.006
  83. Salkind, N. (2015). İstatistikten nefret edenler için istatistik. (Çev. Ed. A. Çuhadaroğlu, Z. Ç. Özcan ve Y.İmamoğlu). İstanbul: Pegem Akademi.
  84. Sherman, E. J. (1983). A gold pricing model. Journal of Portfolio Management, (9), 68-70.
  85. Silva, E. S. (2014). Forecasting the price of gold. Atlantic Economic Journal, 14, 43–52.
  86. Sjaastad, L. (2008). The price of gold and the exchange rates: Once again. Resources Policy, 33, 118–124. https://doi.org/10.1016/j.resourpol.2007.10.002
  87. Sjaastad, L. ve Scacciavillani, F. (1996). The price of gold and the exchange rate. Journal of International Money and Finance, 15, 879–897. https://doi.org/10.1016/S0261-5606(96)00045-9
  88. Smales, Lee A, and Kent Street, 2014, News Sentiment in the Gold Futures Market, Journal of Banking & Finance 49, 275–86. DOI:10.2139/ssrn.2309868
  89. Smith, G. (2002b). Tests of the random walk hypothesis for London gold prices. Applied Economics Letters, 9, 671–674. https://doi.org/10.1080/1350485021012458
  90. Solt, M. E. ve Swanson, P. J. (1981). On the efficiency of the markets for gold and silver. The Journal of Business, 54(3), 453–478.
  91. Şeyranlıoğlu,O., Sözen,M. ve Sözen,Ç.(2024). Testing the Efficiency of Gold Prices in Weak Form with Fourier Unit Root Tests. L. Bruçaj ve L. Walambuka(Der.), 9. th International CEO Communication, Economics, Organization & Social Sciences Congress içinde(ss.639-648). NCM Publishing House, ISBN: 978-625-98685-4-7,639-648.
  92. Taylor, N. J. (1998). Precious metals and inflation. Applied Financial Economics, 8, 201–210. https://doi.org/10.1080/096031098333186
  93. Tekbaş, M. Ş. (2022). Yatırım el kitabı. İstanbul. Scala Yayınevi.
  94. Tschoegl, A. E. (1980). Efficiency in the gold market-a note. Journal of Banking & Finance, 4(4), 371-379. https://doi.org/10.1016/0378-4266(80)90015-1
  95. Tuncel, A. K. (2007). Rassal yürüyüş (random walk) hipotezinin İMKB’de test edilmesi: Koşu testi uygulaması. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(2), 1-18.
  96. Uyar, A. ve Uzuner, M. T. (2015). Türkiye’de altın piyasasının zayıf formda etkinliğinin koşu testi uygulaması ile sınanması. Finansal Araştırmalar ve Çalışmalar Dergisi, 7(12), 197-208. https://doi.org/10.14784/jfrs.40426
  97. Uzuner, M. T. (2022). Talep kanunu bağlamında altın talep eğrisi üzerine teorik ve sayısal bir inceleme: Türkiye örneği. Bankacılık ve Sermaye Piyasası Araştırmaları Dergisi, 6(14), 1-20.
  98. Vigne, S. A., Lucey, B. M., O’cconnor, F. A. ve Yarovaya, L. (2017). The financial economics of white precious metals: A survey. International Review of Financial Analysis, Vol: 52, 292-308. https://doi.org/10.1016/j.irfa.2017.04.006
  99. Vural, A., Ural, M. N. ve Çiftçi, A. (2020). Değerli metallerin sosyal, siyasal ve ekonomik olaylarla ilişkisinin N-gram yöntemi ile değerlendirilmesi. International Social Mentality and Researcher Thinker Journal, 6(29), 247-257. http://dx.doi.org/10.31576/smryj.456
  100. Wahab, M., Cohn, R. A. ve Lashgari, M. K. (1994). The gold-silver spread: ıntegration, cointegration, predictability, and ex-ante arbitrage. The Journal of Futures Markets, 14(6), 709–756. https://doi.org/10.1002/fut.3990140606
  101. Wang, K. M., Lee, Y. M. ve Thi, T. B. N. (2011). Time and place where gold acts as an inflation hedge: An application of long-run and short-run threshold model. Economic Modelling, 28(3), 806-819.
  102. Worthington, A. C. ve Pahlavani, M. (2007). Gold investment as an inflationary hedge: Cointegration evidence with allowance for endogenous structural breaks. Applied Financial Economics Letters, 3, 259–262. https://doi.org/10.1080/17446540601118301
  103. Xu, X. E. ve Fung, H. G. (2005). Cross-market linkages between U.S. and Japanese precious metals futures trading. Journal of International Financial Markets, Institutions and Money, 15, 107–124. https://doi.org/10.1016/j.intfin.2004.03.002
  104. Yu, H. ve Shih, T. (.2011). Gold, crude oil and the weekend effect: a probability distribution approach. Investment Management and Financial Innovations, 8, 39–51.
  105. Zhu, H., Peng, C. ve You, W. (2016). Quantile behaviour of cointegration between silver and gold prices. Finance Research Letters, 19, 119–125. https://doi.org/10.1016/j.frl.2016.07.002
  106. Fama, E.F. (1970). Efficient capital markets: A review of theory and empirical works. Journal of Finance, XXV(2), 383 – 417.
  107. Yu, H. ve Shih, T. (.2011). Gold, crude oil and the weekend effect: a probability distribution approach. Investment Management and Financial Innovations, 8, 39–51.