Złote monety bulionowe – testowanie pasywnego charakteru inwestycji
Gold Bullion Coins – Testing the Passive Nature of the Investment

Summary/Abstract: Purpose – Determining the optimal composition of the investment portfolio with minimal risk, including investment in the Polish bullion coins (White-tailed Eagle) and investment in the Polish stock market. Testing the passive nature of the investment in coins. Design/methodology/approach – Construction investment portfolios with minimal risk according to the theory H.M. Markowitz. Author’s method of testing the passive nature of the investment on the basis of designated investment portfolios. Findings – It was found that the share of investment in bullion coins in portfolio with minimal risk is not stable, which means that it changes in time by more than ten percentage points from the average value. Originality/value – Investment in bullion coins is not suitable for the strategy “buy and hold”. An investor who wants to minimize the risk should include bullion coins to portfolio aware of the fact that this is not a passive investment.

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