Much academic and investor analysis and commentary sees the four main precious metals as a single market, integrated and to some degree with each metal a substitute for the other. This proposition, which can be explicit or implicit can be challenged on economic grounds and on statistical...

We investigate whether proxies for mood play a role in the pricing of gold, silver, platinum and palladium. Using several mood proxies derived from weather and biorhythms factors, our tests suggest some individually significant relationships, but with very low overall explanatory power. We...