{"id":64241,"date":"2020-10-27T10:47:41","date_gmt":"2020-10-27T14:47:41","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=64241"},"modified":"2024-05-15T10:29:57","modified_gmt":"2024-05-15T14:29:57","slug":"not-all-gold-shines-in-crisis-times-covid-19-evidence","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/not-all-gold-shines-in-crisis-times-covid-19-evidence\/","title":{"rendered":"Not all Gold Shines in Crisis Times \u2013 Covid-19 Evidence"},"content":{"rendered":"\n<p>Nowadays, gold is a hot topic, but that is not a surprise given the worldwide situation. The gold is by the majority considered as a hedge, safe haven and often recognized for its ability to preserve the value in the long term. However, gold itself is not the only gold-related investable asset. There are numerous gold-related stocks \u2013 producers, explorers and developers. Common sense might suggest that the price of such stocks should reflect the gold prices, but the novel research by Baur&nbsp;and Trench (2020) shows that this logic is not always correct. Results suggest that gold equities cannot be considered as safe havens and investors differentiate&nbsp;between producers, explorers and developers during regular times. On the other hand, during the recent (and lasting) stressful COVID period, all types of gold stocks moved similarly to gold.&nbsp;<\/p>\n\n\n\n<p><strong>Authors:<\/strong>&nbsp;Dirk G. Baur and Allan Trench<\/p>\n\n\n\n<p><strong>Title:&nbsp;<\/strong>Not all Gold Shines in Crisis Times \u2013 COVID-19 Evidence<\/p>\n\n\n\n<p><strong>Link<\/strong>:&nbsp;<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3677925\">https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3677925<\/a><\/p>\n\n\n\n<p><strong>Abstract:<\/strong><\/p>\n\n\n\n<p>This paper analyses the impact of the coronavirus pandemic on the share prices of gold firms, whose activities are spread across gold exploration, project development and gold mining with markedly different risk characteristics. We find evidence for COVID-induced stock market contagion leading to a decoupling of gold companies from the price of gold illustrating that gold shares are not a safe haven. The equity market and gold exposures differ significantly between explorers, developers and producers in normal times and are higher and more similar in crisis times. Our findings demonstrate that investors treat different firms differently in normal times and more equally in crisis times leading to mispricing and profit opportunities.<\/p>\n\n\n\n<p>The relationship of various gold equities and gold can be observed from the following figure from the academic paper:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"871\" height=\"667\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2020\/10\/Gold-quantpedia.png\" alt=\"\" class=\"wp-image-64245 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/10\/Gold-quantpedia.png 871w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/10\/Gold-quantpedia-700x536.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/10\/Gold-quantpedia-300x230.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/10\/Gold-quantpedia-768x588.png 768w\" data-sizes=\"(max-width: 871px) 100vw, 871px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 871px; aspect-ratio: 871\/667;\" \/><\/figure>\n\n\n\n<p><strong>Notable quotations from the academic research paper:<\/strong><\/p>\n\n\n\n<p>\u201cThe econometric analysis uncovers the following relationships: gold firms are differently exposed to the market and the gold price in normal times (producers more to gold and less to the market and explorers less to gold and more to the market consistent with the higher risk of these companies) but much more exposed and more similarly exposed during the pandemic. The \u201cnormal\u201d or pre-COVID betas based on gold prices in A$ are generally larger than the betas based on gold prices in US$.<br><br>The results indicate that investors distinguish between explorers, developers and producers in normal times but less so in crisis times. In crisis times, the market dominates, not because the exposure (beta) is much larger but because the magnitude of the market shock is much larger (e.g. -20%) than the magnitude of the gold shock (e.g. +5%). As a consequence, gold equities were far from immune to the COVID-19 market shock.<\/p>\n\n\n\n<p>The decoupling of gold shares from the price of gold is bad news for gold mining companies and shows that the market exposure can be contagious if the shock is too large. The decoupling of gold shares from the price of gold also means that there is an expected recoupling to realign valuations with the price of gold in the future. The contagious impact of the market on all different types of gold shares is bad news for investors because diversification did not work when needed the most.<br><br>Since the price of gold and thus the core revenue source of gold firms increased during the crisis, the lower stock valuations suggest an undervaluation of gold firms, particularly gold producers with the most direct link to gold, and a reaction to theCOVID-19 shock that is not related to the fundamentals or core revenue stream gold. This is why gold shares are particularly interesting and why they offer a perspective that is rarely offered by other stocks as it is hard to disentangle changes in fundamentals from changes in market sentiment. In this case, whilst the sentiment has changed the fundamentals with respect to gold have not. If anything, the fundamentals have improved for gold producers given the increased price of gold.\u201d<\/p>\n\n\n\n<p>Visit Quantpedia to learn more about this paper:<br><a href=\"https:\/\/quantpedia.com\/not-all-gold-shines-in-crisis-times-covid-19-evidence\/\">https:\/\/quantpedia.com\/not-all-gold-shines-in-crisis-times-covid-19-evidence\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This paper analyses the impact of the coronavirus pandemic on the share prices of gold firms, whose activities are spread across gold exploration, project development and gold mining with markedly different risk characteristics. <\/p>\n","protected":false},"author":186,"featured_media":37173,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[339,338,341,351,344],"tags":[6585,4922,255,494],"contributors-categories":[13662],"class_list":{"0":"post-64241","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-data-science","8":"category-ibkr-quant-news","9":"category-quant-development","10":"category-quant-europe","11":"category-quant-regions","12":"tag-covid-19","13":"tag-econometrics","14":"tag-gold","15":"tag-quant","16":"contributors-categories-quantpedia"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Not all Gold Shines in Crisis Times \u2013 Covid-19 Evidence<\/title>\n<meta name=\"description\" content=\"This paper analyses the impact of the coronavirus pandemic on the share prices of gold firms, whose activities are spread across gold exploration,...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/64241\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Not all Gold Shines in Crisis Times \u2013 Covid-19 Evidence | IBKR Quant Blog\" \/>\n<meta property=\"og:description\" content=\"This paper analyses the impact of the coronavirus pandemic on the share prices of gold firms, whose activities are spread across gold exploration, project development and gold mining with markedly different risk characteristics.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/not-all-gold-shines-in-crisis-times-covid-19-evidence\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-27T14:47:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-15T14:29:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/03\/gold-stack-markets.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Contributor Author\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Contributor Author\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/not-all-gold-shines-in-crisis-times-covid-19-evidence\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/not-all-gold-shines-in-crisis-times-covid-19-evidence\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Contributor Author\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/e823e46b42ca381080387e794318a485\"\n\t            },\n\t            \"headline\": \"Not all Gold Shines in Crisis Times \u2013 Covid-19 Evidence\",\n\t            \"datePublished\": \"2020-10-27T14:47:41+00:00\",\n\t            \"dateModified\": \"2024-05-15T14:29:57+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/not-all-gold-shines-in-crisis-times-covid-19-evidence\\\/\"\n\t            },\n\t            \"wordCount\": 692,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/not-all-gold-shines-in-crisis-times-covid-19-evidence\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/03\\\/gold-stack-markets.jpg\",\n\t            \"keywords\": [\n\t                \"Covid-19\",\n\t                \"Econometrics\",\n\t                \"gold\",\n\t                \"Quant\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"Data Science\",\n\t                \"Quant\",\n\t                \"Quant Development\",\n\t                \"Quant Europe\",\n\t                \"Quant Regions\"\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/not-all-gold-shines-in-crisis-times-covid-19-evidence\\\/\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/not-all-gold-shines-in-crisis-times-covid-19-evidence\\\/\",\n\t            \"name\": \"Not all Gold Shines in Crisis Times \u2013 Covid-19 Evidence | IBKR Quant Blog\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/not-all-gold-shines-in-crisis-times-covid-19-evidence\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/not-all-gold-shines-in-crisis-times-covid-19-evidence\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/03\\\/gold-stack-markets.jpg\",\n\t            \"datePublished\": \"2020-10-27T14:47:41+00:00\",\n\t            \"dateModified\": \"2024-05-15T14:29:57+00:00\",\n\t            \"description\": \"This paper analyses the impact of the coronavirus pandemic on the share prices of gold firms, whose activities are spread across gold exploration, project development and gold mining with markedly different risk characteristics.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/not-all-gold-shines-in-crisis-times-covid-19-evidence\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/not-all-gold-shines-in-crisis-times-covid-19-evidence\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/03\\\/gold-stack-markets.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/03\\\/gold-stack-markets.jpg\",\n\t            \"width\": 900,\n\t            \"height\": 540,\n\t            \"caption\": \"Gold\"\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/e823e46b42ca381080387e794318a485\",\n\t            \"name\": \"Contributor Author\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/contributor-author\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Not all Gold Shines in Crisis Times \u2013 Covid-19 Evidence","description":"This paper analyses the impact of the coronavirus pandemic on the share prices of gold firms, whose activities are spread across gold exploration,...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/64241\/","og_locale":"en_US","og_type":"article","og_title":"Not all Gold Shines in Crisis Times \u2013 Covid-19 Evidence | IBKR Quant Blog","og_description":"This paper analyses the impact of the coronavirus pandemic on the share prices of gold firms, whose activities are spread across gold exploration, project development and gold mining with markedly different risk characteristics.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/not-all-gold-shines-in-crisis-times-covid-19-evidence\/","og_site_name":"IBKR Campus US","article_published_time":"2020-10-27T14:47:41+00:00","article_modified_time":"2024-05-15T14:29:57+00:00","og_image":[{"width":900,"height":540,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/03\/gold-stack-markets.jpg","type":"image\/jpeg"}],"author":"Contributor Author","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Contributor Author","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/not-all-gold-shines-in-crisis-times-covid-19-evidence\/#article","isPartOf":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/not-all-gold-shines-in-crisis-times-covid-19-evidence\/"},"author":{"name":"Contributor Author","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/e823e46b42ca381080387e794318a485"},"headline":"Not all Gold Shines in Crisis Times \u2013 Covid-19 Evidence","datePublished":"2020-10-27T14:47:41+00:00","dateModified":"2024-05-15T14:29:57+00:00","mainEntityOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/not-all-gold-shines-in-crisis-times-covid-19-evidence\/"},"wordCount":692,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/not-all-gold-shines-in-crisis-times-covid-19-evidence\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/03\/gold-stack-markets.jpg","keywords":["Covid-19","Econometrics","gold","Quant"],"articleSection":["Data Science","Quant","Quant Development","Quant Europe","Quant Regions"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/not-all-gold-shines-in-crisis-times-covid-19-evidence\/","url":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/not-all-gold-shines-in-crisis-times-covid-19-evidence\/","name":"Not all Gold Shines in Crisis Times \u2013 Covid-19 Evidence | IBKR Quant Blog","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/not-all-gold-shines-in-crisis-times-covid-19-evidence\/#primaryimage"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/not-all-gold-shines-in-crisis-times-covid-19-evidence\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/03\/gold-stack-markets.jpg","datePublished":"2020-10-27T14:47:41+00:00","dateModified":"2024-05-15T14:29:57+00:00","description":"This paper analyses the impact of the coronavirus pandemic on the share prices of gold firms, whose activities are spread across gold exploration, project development and gold mining with markedly different risk characteristics.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/not-all-gold-shines-in-crisis-times-covid-19-evidence\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/not-all-gold-shines-in-crisis-times-covid-19-evidence\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/03\/gold-stack-markets.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/03\/gold-stack-markets.jpg","width":900,"height":540,"caption":"Gold"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/e823e46b42ca381080387e794318a485","name":"Contributor Author","url":"https:\/\/www.interactivebrokers.com\/campus\/author\/contributor-author\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/03\/gold-stack-markets.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/64241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/186"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=64241"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/64241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/37173"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=64241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=64241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=64241"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=64241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}