For gold, moving from clandestine to official trading does not significantly change informational efficiency. Both markets are inefficient suggesting that efficiency is linked more to the type of asset than to the legal status of the market.

For gold, moving from clandestine to official trading does not significantly change informational efficiency. Both markets are inefficient suggesting that efficiency is linked more to the type of asset than to the legal status of the market.

This study aims to investigate the black market on gold in Paris during the Second World War. Based on documents from the Banque de France and French National archives, we discover that this black market was not so black since it was well known and tolerated by the German army and French police....