VALORACION DE LOS ACTIVOS NUMISMATICOS DE ORO: EUROPA vs EEUU

Abstract

Collectible Tangible Assets are those that directly they are not related to the evolution of the Financial Market. Numismatic Assets belongs to Collectible Tangible Assets. These assets have been studying in USA since the eighties (Berman y Schulman, 1986; Brown 2005; Dickie, Delorme y Humphreys, 1994; Lombra, 2003; Salomon Jr. y Lennox, 1984), although Sharpe had talked about his virtues in 1963. Important researches were made in Spain in the nineties (Coca 1998; 2001), and actually, (Prado et al 2007; Coca y Prado 2009; Prado 2009). Our objective is to explain and know determinant factors in gold numismatic assts price formation. For it, we will use models of multiple linear regression. Research sample is composed by gold numismatic assets and precious metals. Those assets have been issued by Spain, USA, Great Britain and France from 1900 to 2008. The research period is to 2003-2008. With these models we will be able to explain but of 50% of the formation of the price of this not financial assets.