本研究旨在探討市場情緒、從眾行為、黃金價格之間的關係，我們分別蒐集了金融危機後的經濟大蕭條期間與Covid-19疫情期間的樣本資料，並以VIX指數作為我們的情緒指標以衡量市場「恐慌」情緒。我們進一步考量了近年來比特幣的崛起對於黃金價格的影響，因此針對Covid-19樣本期間的迴歸多加入了比特幣因子作為控制變數。研究結果顯示，經濟大蕭條期間，市場情緒並不會顯著影響從眾行為，從眾行為也不會顯著影響黃金價格。我們甚至發現市場情緒也不會直接影響黃金價格。而在Covid-19疫情期間，市場情緒雖然不會顯著影響從眾行為，但是從眾行為卻會顯著影響黃金價格。此外，我們發現市場情緒會直接顯著影響黃金價格。

Our research aims to discuss the relation among market sentiment, herd behavior and the gold price. We separately collect our samples from the period after Financial Crisis and Covid-19 period, and we use VIX index to be our market sentiment index to evaluate the degree of fear in the market. We further consider that Bitcoins spring up recently and have effect on the price of gold. Therefore, we add the Bitcoins factor into our regressions for Covid-19 period as our control variables. Our research results show that for the period after Financial Crisis, market sentiment did not influence the herd behavior, and herd behavior did not influence the gold price. We even find that market sentiment did not influence the gold price directly. However, for the Covid-19 period, although market sentiment did not influence the herd behavior, herd behavior influenced the gold price. In addition, we find that market sentiment influenced the gold price directly.

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