Fritsche, Ulrich; Pierdzioch, Christian; Rülke, … - In: Applied Economics Letters 20 (2013) 12, pp. 1127-1129
We use a nonparametric market-timing test to study the <italic>directional accuracy</italic> of survey forecasts of the prices of gold and silver. We find that forecasters have market-timing ability with respect to the direction of change of the price of silver at various forecast horizons. In contrast,...