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Basic Question 1 of 18

Investments with low liquidity include all of the following except ______.

A. antiques and art
B. coins and stamps
C. precious metals
D. All of the above

User Contributed Comments 9

User Comment
achu Remember, precious metals ALSO considered "low liquidity."
Kashi2010 It depends entirely on how you define 'precious metals' of course, but the Gold & silver ETFs are amongst the most traded & most liquid on the market today, and derivative contracts (futures/options) are also incredibly liquid.

The only form of investment in precious metals that is not liquid would be physicla holdings (i.e. gold/silver bars), but since the vast majority of investors invest in the physical asset via an ETF proxy, this question appears misleading.
michlam14 totally agree on the precious metals, in fact I'm pretty sure financial news talks specifically about the prices of "precious metals" in reference to futures etc. they didnt have an issue mentioning stamps here, I think they should have just directly used the term gold bars.
johntan1979 My brain must be screwing me when I thought that coins and stamps are those everyday pennies, quarters and USPS stamps :p
schweitzdm The wording of this problem is very odd.
ascruggs92 Yeah this question needs to be changed. Maybe gold bars are considered low liquidity but precious metals are traded very frequently through proxies on public exchanges
lordcomas They mention precious metals not contracts nor instruments for precious metals. so,, think on how difficult is to move silver containers from another country to yours.
khalifa92 precious metals are illiquid because they are unique and differ from each other like all other real assets.
walterli low liquidity = heavy to carry
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Edward Liu

Learning Outcome Statements

describe classifications of assets and markets

describe the major types of securities, currencies, contracts, commodities, and real assets that trade in organized markets, including their distinguishing characteristics and major subtypes

CFA® 2025 Level I Curriculum, Volume 3, Module 1.