Abstract

This article focuses on the issues related to the characteristics of the gold market in the world and in Poland. Its aim is to assess the effectiveness of investment in the gold market in the years 2001-2013, compared with rates of return that investors could obtain during this period by investing capital in the so-called traditional forms of investment (relating to investment portfolios, which consist of two basic classes of traditional assets: stocks and bonds). The underlying research thesis was that in the years 201-2013 investments in the gold market were more profitable than investments in traditional instruments under the conditions of the Stock Exchange in Warsaw. Methods of analysis based on tracking error (TE) and information ratio (IR) were used, designated for investment funds in the gold market in Poland. These results were compared with the values for the portfolio benchmark, which were set on the level of the market price of gold.

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