KIYMETLİ METALLER PİYASASININ FRAKTAL ANALİZİ
THE FRACTAL ANALYSIS OF PRECIOUS METALS MARKET

Summary/Abstract: Precious metals have been using not only a payment instrument but also a saving instrument since the antique era by human. Associated with modern markets, they are seen as an investment instrument which could be a part of portfolio by investors. As with all financial markets, the precious metals market is also a subject of efficient market hypothesis assumptions. Although the assumption of the random walk of efficient market hypothesis, there are some counter ideas which claim random walk has not existed in literature. One of these counter ideas is the fractal market hypothesis. The hypothesis claims that the current or future returns cannot be independent of past returns or price fluctuations, so, the financial markets have a long-memory. The main purpose of the study, to investigate the existence of the fractal market hypothesis in the gold, silver, platinum and palladium markets. With that purpose, different return frequencies daily, weekly, monthly and quarterly are used for the various precious metal assets.

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