Influence factors of international gold futures price volatility

Based on the commodity property and finance property of gold in the international gold futures market,the influence factors of international gold futures price volatility are analyzed from the perspectives of supply and demand factors,financial factors and speculation factors.The structural vector autoregression(SVAR)model is applied to investigating the direction and strength of the effects of influence factors on the international gold futures prices and the variance decomposition approach(VDA)is used to compare the contributions of these factors.The results show that the supply and demand factors still play a fundamental role in the international gold futures price volatility and the role of“China’s gold demand”is exaggerated.The financial factors and speculation factors have significant impacts on the international gold futures price volatility,which reflects that the financial property of gold becomes increasingly important.Governments and investors should pay close attention to the financial property of gold futures.

CLINICAL VALUE OF SERUM TUMOR SUPPLIED GROUP OF FACTOR IN DIAGNOSIS OF EPITHELIAL OVARIAN CANCER

Objective: To evaluate the clinical value of serum tumor supplied group of factor (TSGF) in diagnosis of epithelial ovarian cancer. Methods: The serum TSGF was tested in 69 patients with epithelial ovarian cancer, 28 patients with benign ovarian lesion and 61 healthy women. The serum levels of vascular endothelial growth factor (VEGF) and CA125 were determined in patients with epithelial ovarian cancer and in those with benign ovarian lesion. The correlations of TSGF with VEGF and CA125 were investigated. Results: The serum level of TSGF in patients with epithelial ovarian cancer was obviously higher than in patients with benign ovarian lesion and in healthy women (P<0.01). The serum level of TSGF in patients with epithelial cancer was associated with stage and grade. TSGF was highest in stage III, followed by stage IV, and was lowest in stage I-II. The TSGF level was lower in well-differentiated tumors and was higher in poorly differentiated tumor. There were no significant difference among diagnostic value of TSGF, VEGF, and CA125 in differentiation between epithelial ovarian cancer and benign ovarian lesion (P>0.05). The serum level of TSGF and VEGF and CA125 in patients with epithelial ovarian cancer showed positive correlation (P<0.01, P<0.05, respectively). Conclusion: There is no marked difference in diagnostic value among TSGF, VEGF and CA125. TSGF has a certain value in diagnosis of epithelial ovarian cancer, and is helpful to distinguish epithelial ovarian cancer from benign ovarian lesion.

China's Growth Slowdown:Labor Supply,Productivity,or What?

There has been much discussion of the sources of China's growth slowdown but little formal econometric analysis of this question.Chen and Groenewold(2019)show that the slowdown was primarily supply-driven,but they stopped short of identifying specific supply variables.This paper extends their analysis and distinguishes several potential supply components:labor supply,productivity,and capital accumulation.Our results confirm their main conclusion that supply dominates the explanation of the slowdown.A model with two supply factors(labor supply and productivity)reveals that both components contribute to the slowdown,although productivity makes the greater contribution.However,when capital stock is added to the model,the decline in the capital accumulation rate becomes an important factor in the growth slowdown,to some extent replacing the effects of both labor supply and productivity.