London or New York: where and when does the gold price originate?
Brian M Lucey: (corresponding author): Business School and Institute for International Integration Studies, Trinity College Dublin, Dublin 2, Ireland. Glasgow School for Business, Glasgow Caledonian University, Scotland, UK blucey@tcd.ie
Charles Larkin: Business School and Institute for International Integration Studies, Trinity College Dublin, Dublin 2, Ireland, and Cardiff School of Management ,Cardiff Metropolitan University, Llandaff Campus, Western Avenue, Cardiff CF5 2YB, UK. charles.larkin@gmail.com
Fergal A. O'Connor: Business School and Institute for International Integration Studies, Trinity College Dublin, Dublin 2, Ireland. Fergal.a.oconnor@gmail.com
Abstract
We investigate the information shares of the two main centers of gold trading, over a 25 year period, using non overlapping 4 month windows. We find that neither London nor New York are dominant in terms of price information share, that the dominant market switches from time to time and that these switches do not appear to be very clearly linkable to macro-economic or political events.