The causal nexus of interest rate policy and gold market: The case of Turkey

The relevance of gold to the financial market and global economies is responsible for the commodity's (gold) link with financial instruments such as the oil price, currency and gold price, stock index, and other commodities price. In this case, the causal analysis between the interest rate and the gold price has been examined in a novel approach. This study uses the standard Granger causality approach to test the relationship for the economy of Turkey over the period June 1, 2000–June 1, 2017. The results revealed that while gold price depends on daily announcements, demand, and supply, the interest rate depends on some factors such as the monetary policy of the central bank, inflation rate, and different macroeconomic parameters. Thus, the causality between the two financial instruments is observed to be significant. According to the conducted statistical analysis, the interest rate and gold price have interaction between each other. Because there is insufficient evidence in the extant literature that establishes a causality relationship between the two variables, the current study is believed to enhance policy directives and contribute to the financial literature. Considering the peculiar situation of the Turkish financial market, this novel approach presents significant policy directions.     

Pericardial lipoma: an autopsy case and review of the literature

Postmortem examination performed on a 70-year-old man revealed a thinly encapsulated, ovoid, large mass in the right hemithorax. The tumor was attached with its pedicle to the atrioventral pericardium and adjoined the diaphragm with compression of the right lower lobe of the lung. There was no adhesion between the tumor and the surrounding organs. Light microscopy showed a lipoma consisting of mature adipose tissue, and no malignancy was found.