Empirical Analysis on Co-movement of Stock Price of Gold Mine Enterprises and the International Gold Price

Based on the present analytical method of Econometrics, this article conducts an empirical research on the co-movement of stock price of gold mine enterprises and the international gold price. By analyzing the daily datum from January 2th 2004 to October 20th 2009, the article concludes that there is a relative high correlation between the stock price of gold mine enterprises and the international gold price. At the same time, both of the two have the same trends of fluctuation, but there is no Cointegration relationship between the two and the international gold price is the Grange cause of the fluctuation of gold mine stock, otherwise it is untenable. The findings can be applied to the gold stock price forecasting and avoiding risk during the period of international gold price fluctuating.