The idea that stock mispricing supports the creationofownership structures prone to agency problems has important implications for corporate governance regulations.
The first factor that led to the gold price run up was the creationof easily tradable gold ownership securities, in particular the two aforementioned Exchange Traded Funds.
"While the simplification in capital gains tax is welcome, the change seems inconsistent with the aims of wider share ownership and long term wealth creation, " says Ms Pickering.