Analysis on the Impact of the Fluctuation of the International Gold Prices on the Chinese Gold Stocks

Table 1

The result of the unit root test.

ADF test statistic	𝑡-statistic	𝑃 value
JPS	−25.5933	0.000
Comex	−24.4506	0.000
The critical value
1% level	−2.5684
5% level	−1.94129
10% level	−1.61638

Note. JPS means the weight average daily return growth rate of 5 stocks. Comex means the daily return growth rate of the Comex gold future.