Gold is always a precious metal for many hundred years. Semi flexible gold demand and supply chain determines international gold prices in the long term. USA is ranked the world’s largest gold producer. This study ma...Gold is always a precious metal for many hundred years. Semi flexible gold demand and supply chain determines international gold prices in the long term. USA is ranked the world’s largest gold producer. This study mainly aims to investigate the dynamic factors which affect the price of gold and determine the essential macro-economic variable that has the most important role during the process. This paper examines USA over 13 years applying a formal test for time series, which interrogate cointegration relationships, what is the affiliation between gold price and other factors, which are explained in detail below. The present study has used the monthly data from January, 2003 to June, 2016. Databases are provided by the Federal Reserve, the central bank of the United States, and United States Energy Information Administration. Data analysis was performed with software package EViews 8. Through the time series, an analysis has been carried out on Dow Jones Index, the US exchange rate, silver price, interest rate, oil price and inflation rate which are thought to influence the price of gold in the most significant way. The data analysis includes the determination of the conditional heteroscedastic model to estimate volatility. Therefore, the best fitting model to the data set, which is the exponential GARCH model, is preferred. In accordance with the results of the empirical analyses in the USA, the highest negative correlation is found between gold prices and US exchange rate. Secondly, a positive correlation is found among gold prices, silver prices, and oil prices. Another point which takes attention as a result of the study is that economic and political structural breaks weighed heavily, traders and hedgers from all over the world were able to drive prices up to incredible highs. The added valueof our study arises from the inclusion in the analysis of macro economic variables, which has proved to have crucial relevance for the price of gold in the context of the recent economic structure.展开更多
A four hour seminar on how Chinese textile enterprises upgrade themselves and ’go abroad’ will be held in Beijing on 27th June 2006. This meeting is organised and hosted by the China Textile Planning Institute of Co...A four hour seminar on how Chinese textile enterprises upgrade themselves and ’go abroad’ will be held in Beijing on 27th June 2006. This meeting is organised and hosted by the China Textile Planning Institute of Construction (CPTIC) and the China Fangjian Engineering Consultation & Supervision Centre.展开更多
During the post-antibiotic golden age, it has seen a massive antibiotic/antibacterial production and an increase in irrational use of these few existing drugs in the medical and veterinary practice, food industries, t...During the post-antibiotic golden age, it has seen a massive antibiotic/antibacterial production and an increase in irrational use of these few existing drugs in the medical and veterinary practice, food industries, tissue cultures, agriculture and commercial ethanol production globally. The irrational drug use has been further exacerbated by the increased marketing and promotion of these drugs by the pharmaceutical companies thus increasing their accessibility in the public and hence their improper use. The lack of production and introduction of the newer and effective antibiotic/antibacterial drugs in clinical practice in the post-antibiotic golden age has seen an increase in the emergence of the resistant pathogenic bacterial infections creating a significant problem in the global health of humankind. The massive productions of the antibiotic/antibacterial drugs have contributed to the poor disposal of these drugs and hence many of them are discharged in various water bodies contributing to the environmental antibiotic/antibacterial drug pollution. In the environment, these drugs exert pressure on the environmental bacteria by destroying useful bacteria that are responsible for the recycling of the organic matter and as well as promoting the selection of the resistant pathogenic bacteria that can spread in human and animal population thus causing an increase in the observed bacterial disease burden and hence a significant global public health problem. The resistant bacterial diseases lead to the high cost, increased occurrence of adverse drug reactions, prolonged hospitalization, the exposure to the second- and third-line drugs like in MDR-TB and XDR-TB that leads to toxicity and deaths as well as the increased poor production in agriculture and animal industry and commercial ethanol production.展开更多
为了探索双碳目标下虚拟电厂(virtual power plants,VPP)低碳、经济的竞标策略,提出了一种基于分时碳价和分布鲁棒优化思想的VPP参与日前多类市场的竞标策略。从减小电力市场运营成本的角度,提出了一种与电价负相关的分时碳价,采用基准...为了探索双碳目标下虚拟电厂(virtual power plants,VPP)低碳、经济的竞标策略,提出了一种基于分时碳价和分布鲁棒优化思想的VPP参与日前多类市场的竞标策略。从减小电力市场运营成本的角度,提出了一种与电价负相关的分时碳价,采用基准线法为VPP无偿分配碳配额,计算新能源发电的国家核证减排量;综合考虑碳交易市场、能量市场和调峰市场的情况,搭建了VPP参与多类市场的竞标模型;针对风电的不确定性,构建了基于数据驱动的分布鲁棒两阶段竞标模型,并采用列与约束生成算法求解。算例分析表明,分时碳价能够有效降低电力市场运营商的运行成本,提高VPP运营商的收益,所提的VPP竞标模型能给出不同市场的最优投标方案,而分布鲁棒能够兼顾经济性与鲁棒性。展开更多
文摘Gold is always a precious metal for many hundred years. Semi flexible gold demand and supply chain determines international gold prices in the long term. USA is ranked the world’s largest gold producer. This study mainly aims to investigate the dynamic factors which affect the price of gold and determine the essential macro-economic variable that has the most important role during the process. This paper examines USA over 13 years applying a formal test for time series, which interrogate cointegration relationships, what is the affiliation between gold price and other factors, which are explained in detail below. The present study has used the monthly data from January, 2003 to June, 2016. Databases are provided by the Federal Reserve, the central bank of the United States, and United States Energy Information Administration. Data analysis was performed with software package EViews 8. Through the time series, an analysis has been carried out on Dow Jones Index, the US exchange rate, silver price, interest rate, oil price and inflation rate which are thought to influence the price of gold in the most significant way. The data analysis includes the determination of the conditional heteroscedastic model to estimate volatility. Therefore, the best fitting model to the data set, which is the exponential GARCH model, is preferred. In accordance with the results of the empirical analyses in the USA, the highest negative correlation is found between gold prices and US exchange rate. Secondly, a positive correlation is found among gold prices, silver prices, and oil prices. Another point which takes attention as a result of the study is that economic and political structural breaks weighed heavily, traders and hedgers from all over the world were able to drive prices up to incredible highs. The added valueof our study arises from the inclusion in the analysis of macro economic variables, which has proved to have crucial relevance for the price of gold in the context of the recent economic structure.
文摘A four hour seminar on how Chinese textile enterprises upgrade themselves and ’go abroad’ will be held in Beijing on 27th June 2006. This meeting is organised and hosted by the China Textile Planning Institute of Construction (CPTIC) and the China Fangjian Engineering Consultation & Supervision Centre.
文摘During the post-antibiotic golden age, it has seen a massive antibiotic/antibacterial production and an increase in irrational use of these few existing drugs in the medical and veterinary practice, food industries, tissue cultures, agriculture and commercial ethanol production globally. The irrational drug use has been further exacerbated by the increased marketing and promotion of these drugs by the pharmaceutical companies thus increasing their accessibility in the public and hence their improper use. The lack of production and introduction of the newer and effective antibiotic/antibacterial drugs in clinical practice in the post-antibiotic golden age has seen an increase in the emergence of the resistant pathogenic bacterial infections creating a significant problem in the global health of humankind. The massive productions of the antibiotic/antibacterial drugs have contributed to the poor disposal of these drugs and hence many of them are discharged in various water bodies contributing to the environmental antibiotic/antibacterial drug pollution. In the environment, these drugs exert pressure on the environmental bacteria by destroying useful bacteria that are responsible for the recycling of the organic matter and as well as promoting the selection of the resistant pathogenic bacteria that can spread in human and animal population thus causing an increase in the observed bacterial disease burden and hence a significant global public health problem. The resistant bacterial diseases lead to the high cost, increased occurrence of adverse drug reactions, prolonged hospitalization, the exposure to the second- and third-line drugs like in MDR-TB and XDR-TB that leads to toxicity and deaths as well as the increased poor production in agriculture and animal industry and commercial ethanol production.
文摘为了探索双碳目标下虚拟电厂(virtual power plants,VPP)低碳、经济的竞标策略,提出了一种基于分时碳价和分布鲁棒优化思想的VPP参与日前多类市场的竞标策略。从减小电力市场运营成本的角度,提出了一种与电价负相关的分时碳价,采用基准线法为VPP无偿分配碳配额,计算新能源发电的国家核证减排量;综合考虑碳交易市场、能量市场和调峰市场的情况,搭建了VPP参与多类市场的竞标模型;针对风电的不确定性,构建了基于数据驱动的分布鲁棒两阶段竞标模型,并采用列与约束生成算法求解。算例分析表明,分时碳价能够有效降低电力市场运营商的运行成本,提高VPP运营商的收益,所提的VPP竞标模型能给出不同市场的最优投标方案,而分布鲁棒能够兼顾经济性与鲁棒性。
