Kearney, Adrienne; Lombra, Raymond - In: Applied Financial Economics 18 (2008) 12, pp. 985-994
About 90% of the decline in gold prices over the decade of the 1990s - from $393 (per ounce) in the beginning of 1990 to $286 in early 2000 - occurred after early 1995. While gold prices were falling, the use of derivative instruments (forwards, options, futures and the like) by the gold mining...