“…Of course, trading volume is often taken as a rudimentary measure of liquidity (see, e.g., Darolles, Fol, & Mero, 2015; Domowitz & Wang, 1994; Gallant, Rossi, & Tauchen, 1992; Zhang & Ding, 2018). While both volume and liquidity in precious metals markets can be affected by a number of factors (see, e.g., Smales & Lucey, 2019), given liquidity's association with volume and as a corollary of Hypothesis 1a, we can state:…”