Although investors' behaviour in gold investments has been widely researched, no study to date has investigated it in the gold bullion coin market, despite the fact that the latter is dominated by retail investors, who are traditionally prone to noise trading. We present seminal empirical evidence on this issue by examining feedback trading in the Krugerrand's secondary market on the Johannesburg Stock Exchange for the March 1996 – August 2019 period. We also assess whether feedback trading interacts with variables relevant to the coin's valuation and the impact of the global financial crisis over those interactions. Positive feedback trading is present for the full sample period, before and during the crisis, interacting significantly with a variety of factors related to Krugerrand's pricing, yet dissipates post crisis, likely due to enhanced foreign demand that catapulted the coin's value, rendering it less easy to trade for South African retail investors. The above imply that Krugerrand-investors should be focusing less on historical price trends and devote more attention to the coin's global demand instead.

尽管对投资者在黄金投资中的行为进行了广泛的研究，但迄今为止，尚无任何研究在金条硬币市场上进行过调查，尽管事实是后者由散户投资者所主导，而散户投资者传统上倾向于进行噪声交易。我们通过研究1996年3月至2019年8月在约翰内斯堡证券交易所的克鲁格朗德二级市场上的反馈交易来提供有关此问题的开创性经验证据。我们还评估反馈交易是否与与代币的估值相关的变量相互作用以及全球金融危机对这些相互作用的影响。在危机发生之前和之中，整个样本期间都存在正反馈交易，与克鲁格朗定价相关的各种因素之间存在着显着的相互作用，但危机后却消散了，可能是由于外国需求的增加推动了代币的价值，这使得南非散户投资者的交易变得不那么容易。以上表明，克鲁格朗的投资者应减少对历史价格趋势的关注，而应更多地关注代币的全球需求。