Badanie efektywności informacyjnej w formie słabej na rynku metali szlachetnych
The analysis of weak-form efficiency in the market of precious metals

Summary/Abstract: Prices of numerous commodities have been growing up in recent years. This increase in commodity prices has attracted investors who can choose between direct and indirect ways of investing in commodities. In the case of direct commodity investments, it may be difficult to provide proper storage conditions. Precious metals are an exception, here. Basic precious metals, investors may invest in, are: gold, silver, platinum and palladium Although gold is considered most important, the aim of the paper is to study efficiency of market of four aforementioned precious metals. The empirical data covers London spot prices in the period from 2009 to 2011. On their base, there were calculated logarithmic returns and then some tests, used to verify weak market efficiency hypothesis, were applied (runs test, variance ratio test, autocorrelation tests). Results obtained (although not homogeneous) con- firmed weak efficiency of precious metals market in the considered period.

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