The efficiency of the London Gold Fixing: from gold standard to hoarded commodity (1919–1968)

Simple item page
dc.contributor.authorO'Connor, Fergalen
dc.contributor.authorLucey, Brian M.en
dc.contributor.funderRothschild Archiveen
dc.date.accessioned2025-04-11T14:26:13Z
dc.date.available2025-04-11T14:26:13Z
dc.date.issued2025-02-20en
dc.description.abstractThis article presents the newly reconstructed daily gold price from 1919 to 1968 for the world's primary gold market during the London Gold Fixing auction, when gold was the cornerstone of the world's monetary system. We assess whether this market conformed to the Efficient Markets Hypothesis, which posits that prices are unpredictable, or the Adaptive Markets Hypothesis, which posits that a market efficiency will evolve based on changes in the market structure. We find that the Gold Fixing price was inefficient in periods when prices were market-based from 1919 to 1925 and again in the 1930s when private hoarders began to have a significant impact on the market. We find the Gold Fixing was also inefficient during gold standard periods when central bank interventions limited gold's ability to react to new information, despite two episodes where prices rose above the official ceiling.en
dc.description.statusPeer revieweden
dc.description.versionPublished Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.citationO’Connor, F. and Lucey, B. M. (2025) 'The efficiency of the London Gold Fixing: from gold standard to hoarded commodity (1919–1968)', Financial History Review, 31(3), pp. 273-303. https://doi.org/10.1017/S0968565024000118en
dc.identifier.doi10.1017/S0968565024000118en
dc.identifier.eissn1474-0052en
dc.identifier.endpage303en
dc.identifier.issn0968-5650en
dc.identifier.issued3en
dc.identifier.journaltitleFinancial History Reviewen
dc.identifier.startpage273en
dc.identifier.urihttps://hdl.handle.net/10468/17258
dc.identifier.volume31en
dc.language.isoenen
dc.publisherCambridge University Pressen
dc.relation.ispartofFinancial History Reviewen
dc.rights© 2025, the Authors. Published by Cambridge University Press on behalf of the European Association for Banking and Financial History. This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted re-use, distribution and reproduction, provided the original article is properly cited.en
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/en
dc.subjectDaily gold priceen
dc.subjectLondon marketen
dc.subjectMarket efficiencyen
dc.subjectAdaptive Markets Hypothesisen
dc.subjectGold fixingen
dc.subjectHoardingen
dc.titleThe efficiency of the London Gold Fixing: from gold standard to hoarded commodity (1919–1968)en
dc.typeArticle (peer-reviewed)en
dc.typejournal-articleen
oaire.citation.issue3en
oaire.citation.volume31en
Files
Original bundle
Now showing 1 - 3 of 3
Thumbnail Image
Name:
The Efficiency of the London Gold Fixing.pdf
Size:
895.47 KB
Format:
Adobe Portable Document Format
Description:
Accepted Version
Thumbnail Image
Name:
The Efficiency of the London Gold Fixing.docx
Size:
385.34 KB
Format:
Microsoft Word XML
Description:
Authors' original accepted version
Thumbnail Image
Name:
the-efficiency-of-the-london-gold-fixing-from-gold-standard-to-hoarded-commodity-1919-1968.pdf
Size:
475.13 KB
Format:
Adobe Portable Document Format
Description:
Published Version
Download
License bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
license.txt
Size:
2.71 KB
Format:
Item-specific license agreed upon to submission
Description:
Download
Collections
Economics - Journal Articles