This study aims to investigate the long-term relationship between gold pricesper ounce and crude oil prices and Borsa İstanbul 100 Index. To this end, data of 3703days between the years of 1997 and 2014 has been studied. “Augmented Dickey-Fullerand Philips Perron Unit Root Tests” revealed that the variables were stationary at firstdifference, yet it was found through “Johansen Cointegration” analysis that there existsan vector showing a long term relationship between the variables. However, thecoefficient of the vector error correction term reflecting on the long-term relationshipbetween the variables provided above was statistically insignificant and the variablesdid not have the long-term balance relationship. These findings support the fact that, asa means of investment, gold is used as an alternative to shares
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