Want A Non-Productive 'Hard Asset' With Psychological Value That …
While the annualized 0.7% real return for gold over the entire sample period is much less than that for stamps, price patterns for gold and stamps are similar. Gold owners can even preserve their bearish instincts by buying the bull vs. …. of the index in hand, Sotheby?s could convince potential art buyers that the art market was full of lucrative investment opportunities (Lacey, 1998). Sotheby?s discontinued their index very soon after the art market crash of 1991. …
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