# Paper Gold or Gold EFT(Exchange Trade Fund)- Statistics Assignment Sample

QUESTION

The historical spot gold prices are provided in the denomination of per ounce basis, while the SPDR Gold Shares prices are in the denomination of per one-tenth ounce basis. Please use the Excel software and the data file “BUS105e_GBA_Data.xlsx” to answer the following questions.

Question 1

Identify and describe the appropriate measures of location and dispersion. Interpret your preliminary observations to your parents, bearing in mind that they have not completed any formal education. Present the relevant information concisely and clearly for discussion.

Question 2

(a) State the 95% confidence intervals of the Spot Gold and SPDR Gold ETF price, separately. From the interval, discuss whether your claim that Gold ETF’s performance is the same as physical gold (Spot Gold) is justified.

(b) Discuss whether your conclusion from the question (a) above will change if you use a 99.99% confidence interval. What will your conclusion (at the 99.99% confidence level) be if the number of data for each set is a quarter of the original data set? Explain your findings.

(c) How reliable is the verdict on your claim in 2(a)?

Question 3

You have decided to use the classical hypothesis testing approach to test Maryann’s claim that the prices for SPDR Gold ETF and Spot Gold differs. You should include the following: (a) State the null and alternative hypotheses and explain how you develop these two (2) hypotheses.

(b) Execute the hypothesis testing with α = 0.01 using Excel. Present and list the test statistic you use for this test. Explain your decision criteria and inform the outcome to your parents.

(c) Discuss the assumptions you have made in performing the hypothesis test? Are these assumptions reasonable for this case? Please provide explanation(s) to substantiate your view.

“BUS105e_GBA_Data.xlsx”

 Date SPDR_GOLD_ETF_0.1Ounce GOLD_PRICE_1_Ounce 6/24/2013 123.930 1286.75 6/25/2013 123.470 1279 6/26/2013 118.280 1236.25 6/27/2013 115.940 1232.75 6/28/2013 119.110 1192 7/1/2013 121.130 1242.75 7/2/2013 120.050 1252.5 7/3/2013 120.740 1250 7/5/2013 118.090 1212.75 7/8/2013 119.510 1235.25 7/9/2013 120.620 1255.5 7/10/2013 120.950 1256 7/11/2013 124.240 1285 7/12/2013 124.130 1279.75 7/15/2013 124.180 1284.75 7/16/2013 124.890 1291.5 7/17/2013 129.725 1297.25 7/18/2013 128.325 1283.25 7/19/2013 129.575 1295.75 7/22/2013 132.700 1327 7/23/2013 133.350 1333.5 7/24/2013 133.500 1335 7/25/2013 132.600 1326 7/26/2013 133.100 1331 7/29/2013 132.975 1329.75 7/30/2013 132.415 1324.15 7/31/2013 131.450 1314.5 8/1/2013 131.500 1315 8/2/2013 130.925 1309.25 8/5/2013 125.700 1304.75 8/6/2013 123.970 1280.5 8/7/2013 124.150 1282.5 8/8/2013 126.860 1298.25 8/9/2013 126.860 1309 8/12/2013 129.130 1341 8/13/2013 127.740 1328.5 8/14/2013 129.000 1326.5 8/15/2013 131.690 1329.75 8/16/2013 132.580 1369.25 8/19/2013 132.010 1365 8/20/2013 132.450 1372.5 8/21/2013 132.070 1363 8/22/2013 132.810 1375.5 8/23/2013 134.900 1377.5 8/26/2013 135.450 1377.5 8/27/2013 136.750 1419.25 8/28/2013 136.710 1419.5 8/29/2013 135.870 1407.75 8/30/2013 134.620 1394.75 9/3/2013 136.420 1399.5 9/4/2013 134.660 1390 9/5/2013 132.200 1385 9/6/2013 134.150 1387 9/9/2013 133.910 1390 9/10/2013 131.740 1358.25 9/11/2013 131.700 1363.75 9/12/2013 127.670 1328 9/13/2013 127.820 1318.5 9/16/2013 126.450 1324 9/17/2013 126.500 1312.25 9/18/2013 132.010 1301 9/19/2013 131.750 1365.5 9/20/2013 127.960 1349.25 9/23/2013 127.550 1323 9/24/2013 127.660 1314.25 9/25/2013 128.790 1322.75 9/26/2013 127.790 1333 9/27/2013 128.970 1341 9/30/2013 132.650 1281.79993 10/1/2013 129.075 1245.89996 10/2/2013 130.625 1270.59998 10/3/2013 131.600 1271.8 10/4/2013 130.975 1265.29999 10/7/2013 132.350 1276.39999 10/8/2013 132.950 1274.00002 10/9/2013 130.400 1261.10001 10/10/2013 129.850 1242.69997 10/11/2013 126.550 1225.99998 10/14/2013 128.550 1228.30002 10/15/2013 123.730 1270.5 10/16/2013 123.540 1273.5 10/17/2013 127.420 1319.25 10/18/2013 126.850 1316.5 10/21/2013 126.980 1317.5 10/22/2013 129.340 1333 10/23/2013 128.690 1331.25 10/24/2013 129.900 1344.75 10/25/2013 130.460 1347.75 10/28/2013 130.560 1361 10/29/2013 129.770 1349.25 10/30/2013 129.600 1354.75 10/31/2013 127.740 1324 11/1/2013 126.950 1306.75 11/4/2013 126.810 1320.5 11/5/2013 126.560 1307.25 11/6/2013 127.200 1319 11/7/2013 126.160 1307.25 11/8/2013 124.280 1285.5 11/11/2013 123.870 1282.5 11/12/2013 122.450 1281.25 11/13/2013 122.850 1272.5 11/14/2013 124.270 1286 11/15/2013 124.320 1287.25 11/18/2013 122.900 1283.5 11/19/2013 122.950 1275.75 11/20/2013 120.120 1257 11/21/2013 119.940 1240 11/22/2013 119.920 1246.25 11/25/2013 120.460 1243 11/26/2013 119.820 1247.5 11/27/2013 119.460 1245 11/29/2013 120.700 1253 12/2/2013 117.580 1229.5 12/3/2013 117.960 1217.25 12/4/2013 119.960 1227.5 12/5/2013 118.300 1222.5 12/6/2013 118.550 1233 12/9/2013 119.720 1237 12/10/2013 121.820 1266.25 12/11/2013 120.860 1260.75 12/12/2013 118.290 1225.25 12/13/2013 119.380 1232 12/16/2013 119.690 1234.75 12/17/2013 118.650 1231.75 12/18/2013 117.610 1230.5 12/19/2013 114.820 1196 12/20/2013 115.940 1195.25 12/23/2013 115.570 1199 12/24/2013 116.100 1199 12/26/2013 116.740 1199 12/27/2013 117.120 1214.5 12/30/2013 115.390 1204.5 12/31/2013 116.120 1204.5 1/2/2014 118.000 1225 1/3/2014 119.290 1234.5 1/6/2014 119.500 1246.25 1/7/2014 118.820 1227.5 1/8/2014 118.120 1221 1/9/2014 118.460 1226 1/10/2014 120.260 1244.25 1/13/2014 121.020 1248 1/14/2014 119.890 1251.5 1/15/2014 119.660 1236 1/16/2014 119.790 1241.5 1/17/2014 120.930 1250 1/21/2014 119.700 1238 1/22/2014 119.190 1241 1/23/2014 121.790 1263 1/24/2014 122.290 1267 1/27/2014 120.960 1260.5 1/28/2014 120.950 1251.25 1/29/2014 122.470 1264 1/30/2014 119.770 1242.5 1/31/2014 120.090 1251 2/3/2014 121.320 1262 2/4/2014 120.990 1250.25 2/5/2014 121.290 1254.5 2/6/2014 121.240 1256.5 2/7/2014 122.170 1259.25 2/10/2014 122.920 1277 2/11/2014 124.360 1282 2/12/2014 124.430 1289.5 2/13/2014 125.490 1296 2/14/2014 127.150 1320 2/18/2014 127.400 1320.75 2/19/2014 126.270 1320.5 2/20/2014 131.625 1275.99998 2/21/2014 132.325 1275.80002 2/24/2014 133.475 1289.90005 2/25/2014 133.900 1292.10007 2/26/2014 133.175 1281.10001 2/27/2014 133.225 1281.99997 2/28/2014 132.650 1276.20003 3/3/2014 134.950 1302.89993 3/4/2014 133.475 1286.79993 3/5/2014 133.700 1288.89999 3/6/2014 130.170 1345.25 3/7/2014 129.090 1335.25 3/10/2014 129.130 1344 3/11/2014 129.860 1346.25 3/12/2014 131.760 1366 3/13/2014 132.210 1368.75 3/14/2014 133.100 1385 3/17/2014 131.640 1378.5 3/18/2014 130.620 1355.75 3/19/2014 128.090 1338 3/20/2014 127.860 1327 3/21/2014 128.470 1336 3/24/2014 126.180 1310.75 3/25/2014 126.410 1313.5 3/26/2014 125.410 1304 3/27/2014 124.590 1296 3/28/2014 124.560 1294.75 3/31/2014 123.610 1291.75 4/1/2014 123.390 1283.75 4/2/2014 124.320 1292 4/3/2014 123.920 1284 4/4/2014 125.570 1297.25 4/7/2014 124.910 1299 4/8/2014 126.090 1309.5 4/9/2014 126.320 1301.75 4/10/2014 127.010 1320.5 4/11/2014 126.930 1318 4/14/2014 127.850 1325.75 4/15/2014 125.490 1298 4/16/2014 125.540 1301.5 4/17/2014 124.750 1299 4/21/2014 124.240 1299 4/22/2014 123.780 1286.75 4/23/2014 123.760 1285.25 4/24/2014 124.560 1291.5 4/25/2014 125.430 1301.25 4/28/2014 124.880 1299 4/29/2014 124.860 1297.75 4/30/2014 124.220 1288.5 5/1/2014 123.800 1278.5 5/2/2014 125.060 1281.25 5/5/2014 126.220 1281.25 5/6/2014 125.980 1306.25 5/7/2014 124.170 1296 5/8/2014 124.170 1287 5/9/2014 124.100 1291.25 5/12/2014 124.940 1298.75 5/13/2014 124.600 1296.5 5/14/2014 125.810 1305.25 5/15/2014 124.770 1299 5/16/2014 124.500 1291.5 5/19/2014 124.580 1302 5/20/2014 124.690 1295.5 5/21/2014 124.390 1287.25 5/22/2014 124.670 1298.5 5/23/2014 124.510 1291.5 5/27/2014 121.850 1275.5 5/28/2014 121.200 1263.5 5/29/2014 120.940 1255 5/30/2014 120.430 1250.5 6/2/2014 119.700 1247.25 6/3/2014 120.010 1242.75 6/4/2014 119.760 1245.25 6/5/2014 120.660 1252.5 6/6/2014 120.610 1247.5 6/9/2014 120.650 1253.5 6/10/2014 121.390 1259.5 6/11/2014 121.410 1262 6/12/2014 122.640 1265.75 6/13/2014 122.960 1273 6/16/2014 122.420 1276.25 6/17/2014 122.280 1267.5 6/18/2014 122.670 1269.75 6/19/2014 126.940 1293 6/20/2014 126.500 1312.5 6/23/2014 126.850 1313.5 6/24/2014 126.980 1318.5 6/25/2014 126.990 1316.75 6/26/2014 126.730 1311.75 6/27/2014 126.660 1317.5 6/30/2014 128.040 1315 7/1/2014 127.700 1327.5 7/2/2014 127.700 1326.5 7/3/2014 127.160 1317.5 7/7/2014 127.020 1313 7/8/2014 127.070 1323 7/9/2014 127.840 1322.75 7/10/2014 128.540 1340.25 7/11/2014 128.780 1335 7/14/2014 125.720 1306 7/15/2014 124.530 1310 7/16/2014 124.970 1301 7/17/2014 127.090 1302.5 7/18/2014 126.130 1307.25 7/21/2014 126.340 1311.5 7/22/2014 125.740 1310.25 7/23/2014 125.620 1308 7/24/2014 124.350 1292.75 7/25/2014 125.790 1294.75 7/28/2014 125.580 1304.5 7/29/2014 125.200 1299.25 7/30/2014 124.830 1294.5 7/31/2014 123.390 1285.25 8/1/2014 124.380 1291.25 8/4/2014 123.990 1290.5 8/5/2014 123.870 1284.75 8/6/2014 125.670 1306.5 8/7/2014 126.180 1305.25 8/8/2014 126.190 1309.75 8/11/2014 125.960 1307.25 8/12/2014 125.990 1315.75 8/13/2014 126.200 1312 8/14/2014 126.310 1313.5 8/15/2014 125.480 1296 8/18/2014 124.960 1296.75 8/19/2014 124.680 1296.5 8/20/2014 124.220 1295 8/21/2014 122.880 1275.25 8/22/2014 123.190 1277.25 8/25/2014 122.740 1277.25 8/26/2014 123.350 1286 8/27/2014 123.320 1282.75 8/28/2014 124.000 1292 8/29/2014 123.860 1285.75 9/2/2014 121.650 1267 9/3/2014 122.150 1265.5 9/4/2014 121.480 1271.5 9/5/2014 122.060 1266 9/8/2014 120.730 1259 9/9/2014 120.870 1255.75 9/10/2014 120.260 1251 9/11/2014 119.470 1241.25 9/12/2014 118.380 1231.5 9/15/2014 118.640 1234.25 9/16/2014 118.830 1232.25 9/17/2014 117.540 1236 9/18/2014 117.780 1220.5 9/19/2014 117.090 1219.75 9/22/2014 116.850 1213.5 9/23/2014 117.600 1222 9/24/2014 117.050 1217.25 9/25/2014 117.390 1213.75 9/26/2014 117.060 1213.75 9/29/2014 117.030 1219.5 9/30/2014 116.210 1216.5 10/1/2014 116.770 1216.5 10/2/2014 116.740 1211.75 10/3/2014 114.610 1195 10/6/2014 116.030 1195.75 10/7/2014 116.360 1210.5 10/8/2014 117.470 1217 10/9/2014 117.640 1226.75 10/10/2014 117.590 1219 10/13/2014 118.520 1229 10/14/2014 118.590 1234.75 10/15/2014 123.750 1237.5 10/16/2014 123.775 1237.75 10/17/2014 123.425 1234.25 10/20/2014 124.450 1244.5 10/21/2014 125.025 1250.25 10/22/2014 124.375 1243.75 10/23/2014 123.275 1232.75 10/24/2014 123.275 1232.75 10/27/2014 122.875 1228.75 10/28/2014 118.100 1229.25 10/29/2014 116.410 1223.5 10/30/2014 115.190 1202 10/31/2014 112.660 1164.25 11/3/2014 112.150 1167.75 11/4/2014 112.220 1166.5 11/5/2014 109.790 1142 11/6/2014 109.880 1145 11/7/2014 112.970 1154.5 11/10/2014 110.460 1162 11/11/2014 112.040 1156.5 11/12/2014 111.500 1164.5 11/13/2014 111.670 1161.75 11/14/2014 114.470 1169 11/17/2014 114.050 1182.5 11/18/2014 115.050 1192.75 11/19/2014 113.680 1196 11/20/2014 114.860 1190 11/21/2014 115.390 1203.75 11/24/2014 115.110 1197.5 11/25/2014 115.380 1199 11/26/2014 115.160 1197.5 11/28/2014 112.110 1182.75 12/1/2014 116.580 1194 12/2/2014 115.140 1195 12/3/2014 116.330 1204.75 12/4/2014 115.880 1209 12/5/2014 114.430 1194 12/8/2014 115.780 1193 12/9/2014 118.190 1227 12/10/2014 122.900 1179.59999 12/11/2014 121.625 1176.90002 12/12/2014 121.700 1174.10004 12/15/2014 120.925 1143.89999 12/16/2014 120.250 1149.49997 12/17/2014 119.575 1142.69997 12/18/2014 119.900 1151.50002 12/19/2014 119.550 1147.69997 12/22/2014 119.525 1125.50003 12/23/2014 117.575 1127.39998 12/24/2014 117.575 1127.69997 12/26/2014 117.575 1148.30002 12/29/2014 118.550 1136.69998 12/30/2014 120.600 1151.99997 12/31/2014 120.600 1135.80002 1/2/2015 117.200 1140.80002 1/5/2015 120.000 1158.00003 1/6/2015 121.025 1171.20003 1/7/2015 121.050 1164.3 1/8/2015 121.550 1159.40002 1/9/2015 121.775 1172.60002 1/12/2015 122.650 1185.59998 1/13/2015 123.150 1181.60004 1/14/2015 123.500 1179.70001 1/15/2015 125.900 1209.40002 1/16/2015 127.750 1225.19997 1/20/2015 128.875 1241.99997 1/21/2015 129.350 1242.30003 1/22/2015 129.575 1252.30003 1/23/2015 129.475 1242.30003 1/26/2015 122.990 1281.25 1/27/2015 124.400 1288.5 1/28/2015 123.420 1288 1/29/2015 120.760 1268.75 1/30/2015 123.450 1260.25 2/2/2015 122.420 1272.5 2/3/2015 121.050 1264.25 2/4/2015 121.580 1268.5 2/5/2015 121.790 1259.25 2/6/2015 118.640 1241 2/9/2015 119.170 1238.5 2/10/2015 118.470 1234.5 2/11/2015 117.070 1223.75 2/12/2015 117.340 1222.5 2/13/2015 117.980 1232.5 2/17/2015 116.010 1209.5 2/18/2015 116.340 1206 2/19/2015 115.940 1209.5 2/20/2015 115.280 1208.25 2/23/2015 115.430 1204.5 2/24/2015 115.260 1192.5 2/25/2015 115.700 1204.75 2/26/2015 116.070 1208.25 2/27/2015 116.160 1214 3/2/2015 115.680 1212.5 3/3/2015 115.470 1212.75 3/4/2015 115.110 1199.5 3/5/2015 115.000 1202 3/6/2015 111.860 1175.75 3/9/2015 111.970 1168.5 3/10/2015 111.420 1162 3/11/2015 110.750 1150 3/12/2015 110.720 1152.25 3/13/2015 110.880 1152 3/16/2015 110.810 1150.75 3/17/2015 110.210 1150.75 3/18/2015 112.370 1147.25 3/19/2015 112.290 1166 3/20/2015 113.570 1183.1 3/23/2015 114.290 1186.25 3/24/2015 114.570 1191.5 3/25/2015 114.730 1195.6 3/26/2015 115.480 1203.15 3/27/2015 115.060 1195.75 3/30/2015 113.750 1185.5 3/31/2015 113.660 1187 4/1/2015 115.600 1197 4/2/2015 115.280 1198.5 4/6/2015 116.690 1198.5 4/7/2015 116.110 1211 4/8/2015 115.470 1207.25 4/9/2015 114.670 1194.8 4/10/2015 115.970 1207.35 4/13/2015 115.140 1198.9 4/14/2015 114.440 1194.75 4/15/2015 115.430 1192.9 4/16/2015 115.030 1204.35 4/17/2015 115.600 1203.35 4/20/2015 114.720 1196.5 4/21/2015 115.380 1195.3 4/22/2015 113.830 1189.25 4/23/2015 114.660 1185.75 4/24/2015 113.050 1183 4/27/2015 115.330 1200 4/28/2015 116.330 1209 4/29/2015 115.510 1209 4/30/2015 113.470 1180.25 5/1/2015 113.080 1175.95 5/4/2015 114.100 1175.95 5/5/2015 114.420 1197 5/6/2015 114.360 1194.25 5/7/2015 113.420 1187 5/8/2015 113.970 1186 5/11/2015 113.530 1189.25 5/12/2015 114.500 1191.5 5/13/2015 116.550 1210.5 5/14/2015 117.180 1225 5/15/2015 117.530 1220.5 5/18/2015 117.520 1223.5 5/19/2015 115.890 1214.3 5/20/2015 116.080 1210.5 5/21/2015 115.690 1205 5/22/2015 115.600 1204.1 5/26/2015 113.910 1185.4 5/27/2015 113.890 1185.85 5/28/2015 114.020 1185 5/29/2015 114.100 1191.4 6/1/2015 114.000 1199.9 6/2/2015 114.460 1192.8 6/3/2015 113.640 1190 6/4/2015 112.840 1176 6/5/2015 112.240 1164.6 6/8/2015 112.570 1172.8 6/9/2015 112.820 1177.4 6/10/2015 113.780 1188.5 6/11/2015 113.260 1178.5 6/12/2015 113.230 1182.8 6/15/2015 113.730 1181.4 6/16/2015 113.320 1177.75 6/17/2015 113.850 1178 6/18/2015 115.320 1201.85 6/19/2015 115.120 1203.4 6/22/2015 113.640 1185.5 6/23/2015 112.890 1178 6/24/2015 112.590 1173.75 6/25/2015 112.440 1172.65 6/26/2015 112.560 1170.5 6/29/2015 113.070 1176 6/30/2015 112.370 1171 7/1/2015 111.980 1168 7/2/2015 111.760 1165.25 7/6/2015 112.060 1166 7/7/2015 110.760 1156.25 7/8/2015 111.090 1158.5 7/9/2015 111.360 1164.25 7/10/2015 111.490 1159.3 7/13/2015 110.990 1154 7/14/2015 110.740 1157.4 7/15/2015 110.160 1147.4 7/16/2015 109.760 1144.4 7/17/2015 108.650 1132.8 7/20/2015 105.700 1104.6 7/21/2015 105.370 1105.6 7/22/2015 104.800 1088.6 7/23/2015 104.330 1097.4 7/24/2015 105.350 1080.8 7/27/2015 104.860 1100 7/28/2015 105.020 1096.2 7/29/2015 105.170 1090.25 7/30/2015 104.270 1087.5 7/31/2015 104.930 1098.4 8/3/2015 104.100 1091.9 8/4/2015 104.310 1090.65 8/5/2015 103.930 1085.1 8/6/2015 104.390 1089.75 8/7/2015 104.650 1093.5 8/10/2015 105.720 1097 8/11/2015 106.260 1108.25 8/12/2015 107.750 1119 8/13/2015 106.860 1116.75 8/14/2015 106.850 1118.25 8/17/2015 107.130 1118.8 8/18/2015 107.110 1111.45 8/19/2015 108.550 1126.15 8/20/2015 110.440 1147.7 8/21/2015 111.130 1156.5 8/24/2015 110.530 1166.5 8/25/2015 109.160 1137.5 8/26/2015 107.670 1120.75 8/27/2015 107.730 1119 8/28/2015 108.700 1135 8/31/2015 108.820 1135 9/1/2015 109.200 1142.3 9/2/2015 108.620 1137.75 9/3/2015 107.840 1128 9/4/2015 107.490 1118.25 9/8/2015 107.520 1121.15 9/9/2015 106.130 1109.85 9/10/2015 106.380 1109.5 9/11/2015 106.160 1100.25 9/14/2015 106.220 1104.8 9/15/2015 110.595 1059.00002 9/16/2015 111.760 1073.09998 9/17/2015 111.750 1084.10004 9/18/2015 114.150 1092.09999 9/21/2015 113.325 1085.29999 9/22/2015 112.290 1077.90001 9/23/2015 113.135 1082.20001 9/24/2015 115.450 1104.89998 9/25/2015 114.665 1098.09998 9/28/2015 113.105 1084.19998 9/29/2015 113.210 1079.80003 9/30/2015 111.400 1068.60001 10/1/2015 111.900 1067.30003 10/2/2015 114.075 1089.89998 10/5/2015 113.975 1087.69997 10/6/2015 114.750 1098.60001 10/7/2015 114.460 1096.99997 10/8/2015 114.000 1091.39999 10/9/2015 115.155 1108.70003 10/12/2015 116.490 1113.09998 10/13/2015 116.520 1118.60001 10/14/2015 117.390 1138.09998 10/15/2015 113.290 1184.25 10/16/2015 112.490 1180.85 10/19/2015 112.020 1175.4 10/20/2015 112.730 1177.75 10/21/2015 111.730 1167.1 10/22/2015 111.690 1167 10/23/2015 111.500 1161.25 10/26/2015 111.430 1166.4 10/27/2015 111.680 1165.7 10/28/2015 110.750 1179.6 10/29/2015 109.720 1148.6 10/30/2015 109.300 1142.35 11/2/2015 108.590 1134 11/3/2015 106.980 1123.1 11/4/2015 105.970 1114.7 11/5/2015 105.640 1106.3 11/6/2015 104.100 1088.9 11/9/2015 104.400 1089.6 11/10/2015 104.180 1087.1 11/11/2015 103.830 1085.9 11/12/2015 103.850 1087.4 11/13/2015 103.560 1081.5 11/16/2015 103.710 1084.75 11/17/2015 102.340 1079.2 11/18/2015 102.430 1067.75 11/19/2015 103.560 1082.6 11/20/2015 103.090 1081.75 11/23/2015 102.260 1070.5 11/24/2015 102.940 1076.4 11/25/2015 102.460 1068 11/27/2015 101.250 1057.4 11/30/2015 101.920 1061.9 12/1/2015 102.280 1065.4 12/2/2015 100.690 1055.4 12/3/2015 101.760 1055.45 12/4/2015 104.020 1079.25 12/7/2015 102.670 1075.8 12/8/2015 102.840 1072.1 12/9/2015 102.640 1081 12/10/2015 102.550 1071 12/11/2015 103.110 1072.5 12/14/2015 101.790 1068.25 12/15/2015 101.520 1061.5 12/16/2015 102.750 1075.25 12/17/2015 100.500 1049.4 12/18/2015 102.040 1062.5 12/21/2015 103.150 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12/26/2017 121.770 1264.55 12/27/2017 122.230 1279.4 12/28/2017 122.850 1291 12/29/2017 123.650 1291 1/2/2018 125.150 1312.05 1/3/2018 124.820 1314.9 1/4/2018 125.460 1314.5 1/5/2018 125.330 1317.15 1/8/2018 125.310 1319.95 1/9/2018 124.730 1311 1/10/2018 125.030 1319.75 1/11/2018 125.440 1323.05 1/12/2018 126.960 1326.8 1/16/2018 127.170 1333.85 1/17/2018 126.140 1335.65 1/18/2018 125.860 1332.2 1/19/2018 126.420 1334.95 1/22/2018 126.650 1332.6 1/23/2018 127.280 1333.4 1/24/2018 128.830 1353.7 1/25/2018 127.970 1354.95 1/26/2018 128.070 1353.15 1/29/2018 127.350 1343.85 1/30/2018 126.800 1344.9 1/31/2018 127.650 1345.05 2/1/2018 128.070 1341.35 2/2/2018 126.390 1331.15 2/5/2018 126.710 1333.6 2/6/2018 125.380 1331.4 2/7/2018 124.790 1324.65 2/8/2018 124.980 1315.45 2/9/2018 124.770 1314.1 2/12/2018 125.370 1322.3 2/13/2018 126.080 1325.35 2/14/2018 128.230 1336.25 2/15/2018 128.380 1352.45 2/16/2018 127.960 1352.1 2/20/2018 126.240 1339.85 2/21/2018 125.660 1330.5 2/22/2018 126.300 1328.35 2/23/2018 126.140 1327.95 2/26/2018 126.450 1333.5 2/27/2018 125.130 1325.75 2/28/2018 125.000 1317.85 3/1/2018 124.720 1307.75 3/2/2018 125.390 1322.3 3/5/2018 125.180 1320.4 3/6/2018 126.530 1331.4 3/7/2018 125.720 1329.4 3/8/2018 125.420 1321 3/9/2018 125.540 1320.6 3/12/2018 125.540 1319.15 3/13/2018 125.780 1322.75 3/14/2018 125.700 1323.55 3/15/2018 124.900 1318.75 3/16/2018 124.600 1310.1 3/19/2018 124.870 1312.4 3/20/2018 124.310 1311 3/21/2018 126.480 1321.35 3/22/2018 125.980 1329.15 3/23/2018 127.610 1346.6 3/26/2018 128.280 1352.4 3/27/2018 127.490 1341.45 3/28/2018 125.730 1332.45 3/29/2018 125.790 1323.85 4/2/2018 127.260 1323.85 4/3/2018 126.300 1333.45 4/4/2018 126.450 1337.3 4/5/2018 125.800 1327.7 4/6/2018 126.390 1331.2 4/9/2018 126.820 1331.95 4/10/2018 127.120 1338.95 4/11/2018 128.110 1350.75 4/12/2018 126.620 1341.35 4/13/2018 127.450 1343.7 4/16/2018 127.630 1349.35 4/17/2018 127.750 1342.1 4/18/2018 127.850 1351.45 4/19/2018 127.600 1348.6 4/20/2018 133.675 1266.29997 4/23/2018 132.430 1256.20003 4/24/2018 132.885 1262.30003 4/25/2018 132.165 1254.10004 4/26/2018 132.070 1249.70001 4/27/2018 132.150 1255 4/30/2018 131.320 1245.89996 5/1/2018 123.710 1307.1 5/2/2018 123.650 1304.2 5/3/2018 124.280 1315.05 5/4/2018 124.540 1309.4 5/7/2018 124.570 1309.4 5/8/2018 124.590 1306.6 5/9/2018 124.330 1313.85 5/10/2018 125.180 1318.8 5/11/2018 125.000 1324.35 5/14/2018 124.490 1319.85 5/15/2018 122.480 1295 5/16/2018 122.290 1291.25 5/17/2018 122.360 1289.5 5/18/2018 122.410 1288.3 5/21/2018 122.480 1288.35 5/22/2018 122.410 1293.05 5/23/2018 122.540 1289 5/24/2018 123.590 1304.85 5/25/2018 123.210 1303.5 5/29/2018 123.190 1295.5 5/30/2018 123.370 1300.7 5/31/2018 123.100 1305.35

3. (a) Null Hypothesis (H0): There is no significant difference between the mean price of SPDR Gold ETF and Spot Gold i.e. μ1 = μ2

Alternate Hypothesis (HA): There is a significant difference between the mean price of SPDR Gold ETF and Spot Gold i.e. μ1 ≠ μ2.

The given case discusses about the comparative analysis between the Gold ETF price and the physical gold (spot gold) prices. In this case, we are trying to compare the price of two groups. Hence, we would be performing the independent samples t-test for checking the mean price fluctuations.

SPDR Gold Prices have been multiplied by 10 to maintain standards in the data. We have developed these two hypotheses for comparing the mean prices of both channels.

(b) We performed the hypothesis testing at α = 0.01 and analyzed the results. There are around 40 units difference in their mean prices of the two channels, and around 150 units in their variance difference. As the alternate hypothesis has been taken as the two mean prices not being equal, this hypothesis testing should be two tailed. The t-statistic came out to be -13.65. The p-value of two tailed hypothesis testing in this case is very small (around e-41), due to which we rejected the null hypothesis. T-critical for two-tailed testing is 2.58.

Hence, we can say that there is a significant difference between the mean price of SPDR Gold ETF and Spot Gold i.e. μ1 ≠ μ2.

One-tailed test could also be planned for solving this case. Critical value for t would have been 2.33 in that case.

After the hypothesis testing was performed, we could see that there is a statistically significant difference between the two mean prices. ETF Gold has lower mean value, but its standard deviation is also lower than the Spot Gold. This is why, we recommended our parents to have a ETF Gold for lower risks and returns. ETF Gold is more secure in terms of risks than Spot Gold.

(c) Assumptions that we made in performing the hypothesis testing are –

• The given data of two prices of ETF Gold and Spot Gold does not contain any independent observation
• The dependent variable (Price of both Gold trades) follows a normal distribution in the whole population
• The data given to us is homoscedastic and has equal variances for the two investment options
• The data provided doesn’t contain any typing errors and the sampling has been done rightly
• There are no significant outliers which could affect our testing and performing

These assumptions are reasonable for this case. The price variable following a normal distribution is very important for this statistical analysis. And, independent observations are taken care off properly. The ETF Gold price has been represented as 1/10th of an ounce. Any outlier, if present, could have affected the mean of the whole group, and it could have also reduced our predictive accuracy.

TESTING

 Date SPDR_GOLD_ETF_0.1Ounce GOLD_PRICE_1_Ounce 6/24/2013 1239.30 1286.75 6/25/2013 1234.70 1279 6/26/2013 1182.80 1236.25 6/27/2013 1159.40 1232.75 6/28/2013 1191.10 1192 7/1/2013 1211.30 1242.75 7/2/2013 1200.50 1252.5 7/3/2013 1207.40 1250 7/5/2013 1180.90 1212.75 7/8/2013 1195.10 1235.25 7/9/2013 1206.20 1255.5 7/10/2013 1209.50 1256 7/11/2013 1242.40 1285 7/12/2013 1241.30 1279.75 7/15/2013 1241.80 1284.75 7/16/2013 1248.90 1291.5 7/17/2013 1297.25 1297.25 7/18/2013 1283.25 1283.25 7/19/2013 1295.75 1295.75 7/22/2013 1327.00 1327 7/23/2013 1333.50 1333.5 7/24/2013 1335.00 1335 7/25/2013 1326.00 1326 7/26/2013 1331.00 1331 7/29/2013 1329.75 1329.75 7/30/2013 1324.15 1324.15 7/31/2013 1314.50 1314.5 8/1/2013 1315.00 1315 8/2/2013 1309.25 1309.25 8/5/2013 1257.00 1304.75 8/6/2013 1239.70 1280.5 8/7/2013 1241.50 1282.5 8/8/2013 1268.60 1298.25 8/9/2013 1268.60 1309 8/12/2013 1291.30 1341 8/13/2013 1277.40 1328.5 8/14/2013 1290.00 1326.5 8/15/2013 1316.90 1329.75 8/16/2013 1325.80 1369.25 8/19/2013 1320.10 1365 8/20/2013 1324.50 1372.5 8/21/2013 1320.70 1363 8/22/2013 1328.10 1375.5 8/23/2013 1349.00 1377.5 8/26/2013 1354.50 1377.5 8/27/2013 1367.50 1419.25 8/28/2013 1367.10 1419.5 8/29/2013 1358.70 1407.75 8/30/2013 1346.20 1394.75 9/3/2013 1364.20 1399.5 9/4/2013 1346.60 1390 9/5/2013 1322.00 1385 9/6/2013 1341.50 1387 9/9/2013 1339.10 1390 9/10/2013 1317.40 1358.25 9/11/2013 1317.00 1363.75 9/12/2013 1276.70 1328 9/13/2013 1278.20 1318.5 9/16/2013 1264.50 1324 9/17/2013 1265.00 1312.25 9/18/2013 1320.10 1301 9/19/2013 1317.50 1365.5 9/20/2013 1279.60 1349.25 9/23/2013 1275.50 1323 9/24/2013 1276.60 1314.25 9/25/2013 1287.90 1322.75 9/26/2013 1277.90 1333 9/27/2013 1289.70 1341 9/30/2013 1326.50 1281.79993 10/1/2013 1290.75 1245.89996 10/2/2013 1306.25 1270.59998 10/3/2013 1316.00 1271.8 10/4/2013 1309.75 1265.29999 10/7/2013 1323.50 1276.39999 10/8/2013 1329.50 1274.00002 10/9/2013 1304.00 1261.10001 10/10/2013 1298.50 1242.69997 10/11/2013 1265.50 1225.99998 10/14/2013 1285.50 1228.30002 10/15/2013 1237.30 1270.5 10/16/2013 1235.40 1273.5 10/17/2013 1274.20 1319.25 10/18/2013 1268.50 1316.5 10/21/2013 1269.80 1317.5 10/22/2013 1293.40 1333 10/23/2013 1286.90 1331.25 10/24/2013 1299.00 1344.75 10/25/2013 1304.60 1347.75 10/28/2013 1305.60 1361 10/29/2013 1297.70 1349.25 10/30/2013 1296.00 1354.75 10/31/2013 1277.40 1324 11/1/2013 1269.50 1306.75 11/4/2013 1268.10 1320.5 11/5/2013 1265.60 1307.25 11/6/2013 1272.00 1319 11/7/2013 1261.60 1307.25 11/8/2013 1242.80 1285.5 11/11/2013 1238.70 1282.5 11/12/2013 1224.50 1281.25 11/13/2013 1228.50 1272.5 11/14/2013 1242.70 1286 11/15/2013 1243.20 1287.25 11/18/2013 1229.00 1283.5 11/19/2013 1229.50 1275.75 11/20/2013 1201.20 1257 11/21/2013 1199.40 1240 11/22/2013 1199.20 1246.25 11/25/2013 1204.60 1243 11/26/2013 1198.20 1247.5 11/27/2013 1194.60 1245 11/29/2013 1207.00 1253 12/2/2013 1175.80 1229.5 12/3/2013 1179.60 1217.25 12/4/2013 1199.60 1227.5 12/5/2013 1183.00 1222.5 12/6/2013 1185.50 1233 12/9/2013 1197.20 1237 12/10/2013 1218.20 1266.25 12/11/2013 1208.60 1260.75 12/12/2013 1182.90 1225.25 12/13/2013 1193.80 1232 12/16/2013 1196.90 1234.75 12/17/2013 1186.50 1231.75 12/18/2013 1176.10 1230.5 12/19/2013 1148.20 1196 12/20/2013 1159.40 1195.25 12/23/2013 1155.70 1199 12/24/2013 1161.00 1199 12/26/2013 1167.40 1199 12/27/2013 1171.20 1214.5 12/30/2013 1153.90 1204.5 12/31/2013 1161.20 1204.5 1/2/2014 1180.00 1225 1/3/2014 1192.90 1234.5 1/6/2014 1195.00 1246.25 1/7/2014 1188.20 1227.5 1/8/2014 1181.20 1221 1/9/2014 1184.60 1226 1/10/2014 1202.60 1244.25 1/13/2014 1210.20 1248 1/14/2014 1198.90 1251.5 1/15/2014 1196.60 1236 1/16/2014 1197.90 1241.5 1/17/2014 1209.30 1250 1/21/2014 1197.00 1238 1/22/2014 1191.90 1241 1/23/2014 1217.90 1263 1/24/2014 1222.90 1267 1/27/2014 1209.60 1260.5 1/28/2014 1209.50 1251.25 1/29/2014 1224.70 1264 1/30/2014 1197.70 1242.5 1/31/2014 1200.90 1251 2/3/2014 1213.20 1262 2/4/2014 1209.90 1250.25 2/5/2014 1212.90 1254.5 2/6/2014 1212.40 1256.5 2/7/2014 1221.70 1259.25 2/10/2014 1229.20 1277 2/11/2014 1243.60 1282 2/12/2014 1244.30 1289.5 2/13/2014 1254.90 1296 2/14/2014 1271.50 1320 2/18/2014 1274.00 1320.75 2/19/2014 1262.70 1320.5 2/20/2014 1316.25 1275.99998 2/21/2014 1323.25 1275.80002 2/24/2014 1334.75 1289.90005 2/25/2014 1339.00 1292.10007 2/26/2014 1331.75 1281.10001 2/27/2014 1332.25 1281.99997 2/28/2014 1326.50 1276.20003 3/3/2014 1349.50 1302.89993 3/4/2014 1334.75 1286.79993 3/5/2014 1337.00 1288.89999 3/6/2014 1301.70 1345.25 3/7/2014 1290.90 1335.25 3/10/2014 1291.30 1344 3/11/2014 1298.60 1346.25 3/12/2014 1317.60 1366 3/13/2014 1322.10 1368.75 3/14/2014 1331.00 1385 3/17/2014 1316.40 1378.5 3/18/2014 1306.20 1355.75 3/19/2014 1280.90 1338 3/20/2014 1278.60 1327 3/21/2014 1284.70 1336 3/24/2014 1261.80 1310.75 3/25/2014 1264.10 1313.5 3/26/2014 1254.10 1304 3/27/2014 1245.90 1296 3/28/2014 1245.60 1294.75 3/31/2014 1236.10 1291.75 4/1/2014 1233.90 1283.75 4/2/2014 1243.20 1292 4/3/2014 1239.20 1284 4/4/2014 1255.70 1297.25 4/7/2014 1249.10 1299 4/8/2014 1260.90 1309.5 4/9/2014 1263.20 1301.75 4/10/2014 1270.10 1320.5 4/11/2014 1269.30 1318 4/14/2014 1278.50 1325.75 4/15/2014 1254.90 1298 4/16/2014 1255.40 1301.5 4/17/2014 1247.50 1299 4/21/2014 1242.40 1299 4/22/2014 1237.80 1286.75 4/23/2014 1237.60 1285.25 4/24/2014 1245.60 1291.5 4/25/2014 1254.30 1301.25 4/28/2014 1248.80 1299 4/29/2014 1248.60 1297.75 4/30/2014 1242.20 1288.5 5/1/2014 1238.00 1278.5 5/2/2014 1250.60 1281.25 5/5/2014 1262.20 1281.25 5/6/2014 1259.80 1306.25 5/7/2014 1241.70 1296 5/8/2014 1241.70 1287 5/9/2014 1241.00 1291.25 5/12/2014 1249.40 1298.75 5/13/2014 1246.00 1296.5 5/14/2014 1258.10 1305.25 5/15/2014 1247.70 1299 5/16/2014 1245.00 1291.5 5/19/2014 1245.80 1302 5/20/2014 1246.90 1295.5 5/21/2014 1243.90 1287.25 5/22/2014 1246.70 1298.5 5/23/2014 1245.10 1291.5 5/27/2014 1218.50 1275.5 5/28/2014 1212.00 1263.5 5/29/2014 1209.40 1255 5/30/2014 1204.30 1250.5 6/2/2014 1197.00 1247.25 6/3/2014 1200.10 1242.75 6/4/2014 1197.60 1245.25 6/5/2014 1206.60 1252.5 6/6/2014 1206.10 1247.5 6/9/2014 1206.50 1253.5 6/10/2014 1213.90 1259.5 6/11/2014 1214.10 1262 6/12/2014 1226.40 1265.75 6/13/2014 1229.60 1273 6/16/2014 1224.20 1276.25 6/17/2014 1222.80 1267.5 6/18/2014 1226.70 1269.75 6/19/2014 1269.40 1293 6/20/2014 1265.00 1312.5 6/23/2014 1268.50 1313.5 6/24/2014 1269.80 1318.5 6/25/2014 1269.90 1316.75 6/26/2014 1267.30 1311.75 6/27/2014 1266.60 1317.5 6/30/2014 1280.40 1315 7/1/2014 1277.00 1327.5 7/2/2014 1277.00 1326.5 7/3/2014 1271.60 1317.5 7/7/2014 1270.20 1313 7/8/2014 1270.70 1323 7/9/2014 1278.40 1322.75 7/10/2014 1285.40 1340.25 7/11/2014 1287.80 1335 7/14/2014 1257.20 1306 7/15/2014 1245.30 1310 7/16/2014 1249.70 1301 7/17/2014 1270.90 1302.5 7/18/2014 1261.30 1307.25 7/21/2014 1263.40 1311.5 7/22/2014 1257.40 1310.25 7/23/2014 1256.20 1308 7/24/2014 1243.50 1292.75 7/25/2014 1257.90 1294.75 7/28/2014 1255.80 1304.5 7/29/2014 1252.00 1299.25 7/30/2014 1248.30 1294.5 7/31/2014 1233.90 1285.25 8/1/2014 1243.80 1291.25 8/4/2014 1239.90 1290.5 8/5/2014 1238.70 1284.75 8/6/2014 1256.70 1306.5 8/7/2014 1261.80 1305.25 8/8/2014 1261.90 1309.75 8/11/2014 1259.60 1307.25 8/12/2014 1259.90 1315.75 8/13/2014 1262.00 1312 8/14/2014 1263.10 1313.5 8/15/2014 1254.80 1296 8/18/2014 1249.60 1296.75 8/19/2014 1246.80 1296.5 8/20/2014 1242.20 1295 8/21/2014 1228.80 1275.25 8/22/2014 1231.90 1277.25 8/25/2014 1227.40 1277.25 8/26/2014 1233.50 1286 8/27/2014 1233.20 1282.75 8/28/2014 1240.00 1292 8/29/2014 1238.60 1285.75 9/2/2014 1216.50 1267 9/3/2014 1221.50 1265.5 9/4/2014 1214.80 1271.5 9/5/2014 1220.60 1266 9/8/2014 1207.30 1259 9/9/2014 1208.70 1255.75 9/10/2014 1202.60 1251 9/11/2014 1194.70 1241.25 9/12/2014 1183.80 1231.5 9/15/2014 1186.40 1234.25 9/16/2014 1188.30 1232.25 9/17/2014 1175.40 1236 9/18/2014 1177.80 1220.5 9/19/2014 1170.90 1219.75 9/22/2014 1168.50 1213.5 9/23/2014 1176.00 1222 9/24/2014 1170.50 1217.25 9/25/2014 1173.90 1213.75 9/26/2014 1170.60 1213.75 9/29/2014 1170.30 1219.5 9/30/2014 1162.10 1216.5 10/1/2014 1167.70 1216.5 10/2/2014 1167.40 1211.75 10/3/2014 1146.10 1195 10/6/2014 1160.30 1195.75 10/7/2014 1163.60 1210.5 10/8/2014 1174.70 1217 10/9/2014 1176.40 1226.75 10/10/2014 1175.90 1219 10/13/2014 1185.20 1229 10/14/2014 1185.90 1234.75 10/15/2014 1237.50 1237.5 10/16/2014 1237.75 1237.75 10/17/2014 1234.25 1234.25 10/20/2014 1244.50 1244.5 10/21/2014 1250.25 1250.25 10/22/2014 1243.75 1243.75 10/23/2014 1232.75 1232.75 10/24/2014 1232.75 1232.75 10/27/2014 1228.75 1228.75 10/28/2014 1181.00 1229.25 10/29/2014 1164.10 1223.5 10/30/2014 1151.90 1202 10/31/2014 1126.60 1164.25 11/3/2014 1121.50 1167.75 11/4/2014 1122.20 1166.5 11/5/2014 1097.90 1142 11/6/2014 1098.80 1145 11/7/2014 1129.70 1154.5 11/10/2014 1104.60 1162 11/11/2014 1120.40 1156.5 11/12/2014 1115.00 1164.5 11/13/2014 1116.70 1161.75 11/14/2014 1144.70 1169 11/17/2014 1140.50 1182.5 11/18/2014 1150.50 1192.75 11/19/2014 1136.80 1196 11/20/2014 1148.60 1190 11/21/2014 1153.90 1203.75 11/24/2014 1151.10 1197.5 11/25/2014 1153.80 1199 11/26/2014 1151.60 1197.5 11/28/2014 1121.10 1182.75 12/1/2014 1165.80 1194 12/2/2014 1151.40 1195 12/3/2014 1163.30 1204.75 12/4/2014 1158.80 1209 12/5/2014 1144.30 1194 12/8/2014 1157.80 1193 12/9/2014 1181.90 1227 12/10/2014 1229.00 1179.59999 12/11/2014 1216.25 1176.90002 12/12/2014 1217.00 1174.10004 12/15/2014 1209.25 1143.89999 12/16/2014 1202.50 1149.49997 12/17/2014 1195.75 1142.69997 12/18/2014 1199.00 1151.50002 12/19/2014 1195.50 1147.69997 12/22/2014 1195.25 1125.50003 12/23/2014 1175.75 1127.39998 12/24/2014 1175.75 1127.69997 12/26/2014 1175.75 1148.30002 12/29/2014 1185.50 1136.69998 12/30/2014 1206.00 1151.99997 12/31/2014 1206.00 1135.80002 1/2/2015 1172.00 1140.80002 1/5/2015 1200.00 1158.00003 1/6/2015 1210.25 1171.20003 1/7/2015 1210.50 1164.3 1/8/2015 1215.50 1159.40002 1/9/2015 1217.75 1172.60002 1/12/2015 1226.50 1185.59998 1/13/2015 1231.50 1181.60004 1/14/2015 1235.00 1179.70001 1/15/2015 1259.00 1209.40002 1/16/2015 1277.50 1225.19997 1/20/2015 1288.75 1241.99997 1/21/2015 1293.50 1242.30003 1/22/2015 1295.75 1252.30003 1/23/2015 1294.75 1242.30003 1/26/2015 1229.90 1281.25 1/27/2015 1244.00 1288.5 1/28/2015 1234.20 1288 1/29/2015 1207.60 1268.75 1/30/2015 1234.50 1260.25 2/2/2015 1224.20 1272.5 2/3/2015 1210.50 1264.25 2/4/2015 1215.80 1268.5 2/5/2015 1217.90 1259.25 2/6/2015 1186.40 1241 2/9/2015 1191.70 1238.5 2/10/2015 1184.70 1234.5 2/11/2015 1170.70 1223.75 2/12/2015 1173.40 1222.5 2/13/2015 1179.80 1232.5 2/17/2015 1160.10 1209.5 2/18/2015 1163.40 1206 2/19/2015 1159.40 1209.5 2/20/2015 1152.80 1208.25 2/23/2015 1154.30 1204.5 2/24/2015 1152.60 1192.5 2/25/2015 1157.00 1204.75 2/26/2015 1160.70 1208.25 2/27/2015 1161.60 1214 3/2/2015 1156.80 1212.5 3/3/2015 1154.70 1212.75 3/4/2015 1151.10 1199.5 3/5/2015 1150.00 1202 3/6/2015 1118.60 1175.75 3/9/2015 1119.70 1168.5 3/10/2015 1114.20 1162 3/11/2015 1107.50 1150 3/12/2015 1107.20 1152.25 3/13/2015 1108.80 1152 3/16/2015 1108.10 1150.75 3/17/2015 1102.10 1150.75 3/18/2015 1123.70 1147.25 3/19/2015 1122.90 1166 3/20/2015 1135.70 1183.1 3/23/2015 1142.90 1186.25 3/24/2015 1145.70 1191.5 3/25/2015 1147.30 1195.6 3/26/2015 1154.80 1203.15 3/27/2015 1150.60 1195.75 3/30/2015 1137.50 1185.5 3/31/2015 1136.60 1187 4/1/2015 1156.00 1197 4/2/2015 1152.80 1198.5 4/6/2015 1166.90 1198.5 4/7/2015 1161.10 1211 4/8/2015 1154.70 1207.25 4/9/2015 1146.70 1194.8 4/10/2015 1159.70 1207.35 4/13/2015 1151.40 1198.9 4/14/2015 1144.40 1194.75 4/15/2015 1154.30 1192.9 4/16/2015 1150.30 1204.35 4/17/2015 1156.00 1203.35 4/20/2015 1147.20 1196.5 4/21/2015 1153.80 1195.3 4/22/2015 1138.30 1189.25 4/23/2015 1146.60 1185.75 4/24/2015 1130.50 1183 4/27/2015 1153.30 1200 4/28/2015 1163.30 1209 4/29/2015 1155.10 1209 4/30/2015 1134.70 1180.25 5/1/2015 1130.80 1175.95 5/4/2015 1141.00 1175.95 5/5/2015 1144.20 1197 5/6/2015 1143.60 1194.25 5/7/2015 1134.20 1187 5/8/2015 1139.70 1186 5/11/2015 1135.30 1189.25 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3/23/2017 1186.70 1247.5 3/24/2017 1188.60 1247.5 3/27/2017 1195.30 1257.55 3/28/2017 1190.40 1257.25 3/29/2017 1193.30 1251.1 3/30/2017 1184.70 1248.8 3/31/2017 1187.20 1244.85 4/3/2017 1193.50 1247.25 4/4/2017 1196.20 1257.65 4/5/2017 1196.20 1245.8 4/6/2017 1191.80 1252.5 4/7/2017 1194.60 1266.45 4/10/2017 1194.60 1250.05 4/11/2017 1211.90 1252.9 4/12/2017 1220.20 1274.3 4/13/2017 1226.00 1284.15 4/17/2017 1222.40 1284.15 4/18/2017 1228.20 1278.95 4/19/2017 1217.30 1279.05 4/20/2017 1219.60 1282.1 4/21/2017 1223.10 1281.85 4/24/2017 1214.80 1269.4 4/25/2017 1202.50 1267.8 4/26/2017 1208.40 1261.85 4/27/2017 1203.90 1262.8 4/28/2017 1207.70 1266.45 5/1/2017 1196.70 1266.45 5/2/2017 1196.50 1255.45 5/3/2017 1179.80 1250.3 5/4/2017 1167.90 1228.45 5/5/2017 1170.10 1228.05 5/8/2017 1167.50 1229.8 5/9/2017 1160.50 1220.4 5/10/2017 1160.40 1222.95 5/11/2017 1165.00 1223.15 5/12/2017 1168.30 1231.25 5/15/2017 1171.40 1233.3 5/16/2017 1176.50 1234.2 5/17/2017 1197.90 1257.4 5/18/2017 1188.10 1255.9 5/19/2017 1194.00 1252 5/22/2017 1199.00 1258.85 5/23/2017 1191.40 1260.2 5/24/2017 1196.10 1252.55 5/25/2017 1194.80 1256.95 5/26/2017 1205.40 1265.05 5/30/2017 1201.40 1262.7 5/31/2017 1206.20 1266.2 6/1/2017 1207.20 1264.85 6/2/2017 1216.10 1274.95 6/5/2017 1217.30 1279.95 6/6/2017 1231.00 1293.5 6/7/2017 1224.50 1291 6/8/2017 1216.50 1273.1 6/9/2017 1205.40 1266.55 6/12/2017 1203.60 1266.4 6/13/2017 1204.80 1262 6/14/2017 1275.50 1198.2 6/15/2017 1254.55 1193.2 6/16/2017 1255.40 1193.39996 6/19/2017 1248.15 1184.3 6/20/2017 1242.20 1181.8 6/21/2017 1242.50 1185.19997 6/22/2017 1250.80 1189.19998 6/23/2017 1255.70 1194.3 6/26/2017 1245.25 1183.60001 6/27/2017 1249.55 1188.09998 6/28/2017 1248.00 1189.00002 6/29/2017 1243.50 1183.2 6/30/2017 1180.20 1242.25 7/3/2017 1160.90 1229.25 7/5/2017 1165.20 1220.3 7/6/2017 1164.70 1224.9 7/7/2017 1152.80 1215.65 7/10/2017 1154.70 1211.9 7/11/2017 1156.20 1211.05 7/12/2017 1160.30 1218.8 7/13/2017 1158.20 1218.9 7/14/2017 1167.70 1230.3 7/17/2017 1172.90 1234.1 7/18/2017 1181.10 1240.75 7/19/2017 1180.80 1242.15 7/20/2017 1182.40 1238.7 7/21/2017 1192.60 1248.55 7/24/2017 1193.10 1255.55 7/25/2017 1189.20 1254.4 7/26/2017 1198.80 1248.1 7/27/2017 1197.90 1261.1 7/28/2017 1206.90 1264.9 7/31/2017 1207.50 1267.55 8/1/2017 1206.50 1270.95 8/2/2017 1204.00 1269.6 8/3/2017 1205.90 1268.1 8/4/2017 1196.50 1257.7 8/7/2017 1195.10 1258 8/8/2017 1198.60 1261.8 8/9/2017 1213.10 1271.05 8/10/2017 1222.10 1284.4 8/11/2017 1227.90 1286.1 8/14/2017 1219.20 1282.3 8/15/2017 1209.80 1270.3 8/16/2017 1218.70 1272.75 8/17/2017 1224.90 1285.15 8/18/2017 1223.00 1295.8 8/21/2017 1227.60 1292.9 8/22/2017 1222.10 1284.2 8/23/2017 1226.70 1286.65 8/24/2017 1222.90 1289 8/25/2017 1227.40 1285.3 8/28/2017 1246.90 1285.3 8/29/2017 1244.20 1318.65 8/30/2017 1243.60 1308.5 8/31/2017 1258.20 1311.75 9/1/2017 1260.60 1320.4 9/5/2017 1274.60 1335.55 9/6/2017 1268.10 1337.85 9/7/2017 1281.30 1343.5 9/8/2017 1279.70 1346.25 9/11/2017 1261.90 1334.2 9/12/2017 1265.60 1326.5 9/13/2017 1256.10 1327.55 9/14/2017 1261.60 1324.55 9/15/2017 1255.30 1322.85 9/18/2017 1243.60 1312.1 9/19/2017 1246.20 1309.6 9/20/2017 1236.20 1311.3 9/21/2017 1226.80 1292.1 9/22/2017 1232.40 1294.8 9/25/2017 1245.30 1293.3 9/26/2017 1231.40 1300.05 9/27/2017 1219.80 1282.55 9/28/2017 1222.10 1283.35 9/29/2017 1215.80 1283.1 10/2/2017 1207.70 1273.7 10/3/2017 1208.30 1271.25 10/4/2017 1211.70 1274.25 10/5/2017 1205.20 1274.5 10/6/2017 1210.90 1261.8 10/9/2017 1220.80 1278.75 10/10/2017 1224.00 1291.4 10/11/2017 1227.90 1289.25 10/12/2017 1228.90 1290.25 10/13/2017 1238.20 1299.6 10/16/2017 1229.70 1303.3 10/17/2017 1221.30 1284.75 10/18/2017 1216.70 1280.2 10/19/2017 1223.90 1286.4 10/20/2017 1216.10 1281.2 10/23/2017 1218.00 1274.9 10/24/2017 1213.30 1276.45 10/25/2017 1213.50 1275 10/26/2017 1203.30 1273.75 10/27/2017 1266.45 1209.00002 10/30/2017 1272.00 1211.29997 10/31/2017 1270.15 1206.69998 11/1/2017 1277.05 1211.10001 11/2/2017 1279.20 1211.90002 11/3/2017 1267.20 1206.20003 11/6/2017 1270.90 1216.50002 11/7/2017 1275.60 1212.09999 11/8/2017 1284.00 1216.29997 11/9/2017 1284.80 1221.29997 11/10/2017 1284.30 1211.29997 11/13/2017 1277.95 1213.09998 11/14/2017 1274.60 1215.59998 11/15/2017 1282.20 1214.10004 11/16/2017 1280.00 1214.00002 11/17/2017 1284.35 1228.60001 11/20/2017 1286.20 1213.09998 11/21/2017 1283.30 1215.10002 11/22/2017 1286.95 1226.29997 11/24/2017 1290.50 1223.2 11/27/2017 1294.90 1228.30002 11/28/2017 1291.85 1228.09998 11/29/2017 1283.85 1220.40001 11/30/2017 1280.20 1210.99998 12/1/2017 1275.50 1215.89996 12/4/2017 1273.45 1211.8 12/5/2017 1266.30 1203.2 12/6/2017 1200.70 1263.7 12/7/2017 1184.90 1255 12/8/2017 1184.80 1250.65 12/11/2017 1180.10 1247.15 12/12/2017 1181.50 1240.9 12/13/2017 1191.70 1242.65 12/14/2017 1189.30 1251 12/15/2017 1191.80 1254.6 12/18/2017 1197.30 1260.6 12/19/2017 1198.20 1260.35 12/20/2017 1201.40 1264.55 12/21/2017 1203.10 1264.55 12/22/2017 1209.40 1264.55 12/26/2017 1217.70 1264.55 12/27/2017 1222.30 1279.4 12/28/2017 1228.50 1291 12/29/2017 1236.50 1291 1/2/2018 1251.50 1312.05 1/3/2018 1248.20 1314.9 1/4/2018 1254.60 1314.5 1/5/2018 1253.30 1317.15 1/8/2018 1253.10 1319.95 1/9/2018 1247.30 1311 1/10/2018 1250.30 1319.75 1/11/2018 1254.40 1323.05 1/12/2018 1269.60 1326.8 1/16/2018 1271.70 1333.85 1/17/2018 1261.40 1335.65 1/18/2018 1258.60 1332.2 1/19/2018 1264.20 1334.95 1/22/2018 1266.50 1332.6 1/23/2018 1272.80 1333.4 1/24/2018 1288.30 1353.7 1/25/2018 1279.70 1354.95 1/26/2018 1280.70 1353.15 1/29/2018 1273.50 1343.85 1/30/2018 1268.00 1344.9 1/31/2018 1276.50 1345.05 2/1/2018 1280.70 1341.35 2/2/2018 1263.90 1331.15 2/5/2018 1267.10 1333.6 2/6/2018 1253.80 1331.4 2/7/2018 1247.90 1324.65 2/8/2018 1249.80 1315.45 2/9/2018 1247.70 1314.1 2/12/2018 1253.70 1322.3 2/13/2018 1260.80 1325.35 2/14/2018 1282.30 1336.25 2/15/2018 1283.80 1352.45 2/16/2018 1279.60 1352.1 2/20/2018 1262.40 1339.85 2/21/2018 1256.60 1330.5 2/22/2018 1263.00 1328.35 2/23/2018 1261.40 1327.95 2/26/2018 1264.50 1333.5 2/27/2018 1251.30 1325.75 2/28/2018 1250.00 1317.85 3/1/2018 1247.20 1307.75 3/2/2018 1253.90 1322.3 3/5/2018 1251.80 1320.4 3/6/2018 1265.30 1331.4 3/7/2018 1257.20 1329.4 3/8/2018 1254.20 1321 3/9/2018 1255.40 1320.6 3/12/2018 1255.40 1319.15 3/13/2018 1257.80 1322.75 3/14/2018 1257.00 1323.55 3/15/2018 1249.00 1318.75 3/16/2018 1246.00 1310.1 3/19/2018 1248.70 1312.4 3/20/2018 1243.10 1311 3/21/2018 1264.80 1321.35 3/22/2018 1259.80 1329.15 3/23/2018 1276.10 1346.6 3/26/2018 1282.80 1352.4 3/27/2018 1274.90 1341.45 3/28/2018 1257.30 1332.45 3/29/2018 1257.90 1323.85 4/2/2018 1272.60 1323.85 4/3/2018 1263.00 1333.45 4/4/2018 1264.50 1337.3 4/5/2018 1258.00 1327.7 4/6/2018 1263.90 1331.2 4/9/2018 1268.20 1331.95 4/10/2018 1271.20 1338.95 4/11/2018 1281.10 1350.75 4/12/2018 1266.20 1341.35 4/13/2018 1274.50 1343.7 4/16/2018 1276.30 1349.35 4/17/2018 1277.50 1342.1 4/18/2018 1278.50 1351.45 4/19/2018 1276.00 1348.6 4/20/2018 1336.75 1266.29997 4/23/2018 1324.30 1256.20003 4/24/2018 1328.85 1262.30003 4/25/2018 1321.65 1254.10004 4/26/2018 1320.70 1249.70001 4/27/2018 1321.50 1255 4/30/2018 1313.20 1245.89996 5/1/2018 1237.10 1307.1 5/2/2018 1236.50 1304.2 5/3/2018 1242.80 1315.05 5/4/2018 1245.40 1309.4 5/7/2018 1245.70 1309.4 5/8/2018 1245.90 1306.6 5/9/2018 1243.30 1313.85 5/10/2018 1251.80 1318.8 5/11/2018 1250.00 1324.35 5/14/2018 1244.90 1319.85 5/15/2018 1224.80 1295 5/16/2018 1222.90 1291.25 5/17/2018 1223.60 1289.5 5/18/2018 1224.10 1288.3 5/21/2018 1224.80 1288.35 5/22/2018 1224.10 1293.05 5/23/2018 1225.40 1289 5/24/2018 1235.90 1304.85 5/25/2018 1232.10 1303.5 5/29/2018 1231.90 1295.5 5/30/2018 1233.70 1300.7 5/31/2018 1231.00 1305.35

 t-Test: Two-Sample Assuming Unequal Variances

 SPDR_GOLD_ETF_0.1Ounce GOLD_PRICE_1_Ounce Mean 1201.06660020096 1241.20864135852 Variance 5305.07820416144 5454.77934153885 Observations 1244 1244 Hypothesized Mean Difference 0 df 2486 t Stat -13.6491743482662 P(T<=t) one-tail 2.94266333433614E-41 t Critical one-tail 2.32784882983924 P(T<=t) two-tail 5.88532666867229E-41 t Critical two-tail 2.577808427994

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