Is Gold a Hedge or a Safe Haven? An Analysis of Stocks, Bonds and Gold
Bibliographic Data
| ID | 23337166 |
|---|---|
| Authors | Dirk G Baur (0000-0002-0185-0424, Dublin City University, corresponding author), Brian M Lucey (0000-0002-4052-8235, Trinity College Dublin) |
| Year | 2010 |
| Volume | 45 |
| Issue | 2 |
| Pages | 217-229 |
| Publication date | 2010-05-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Financial Review (JOURNAL) |
| Journal identifiers | ISSN: 0732-8516 • E-ISSN: 1540-6288 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/j.1540-6288.2010.00244.x |
| OpenAlex | W3123598957 |
| Language | EN |
| Citations received | 66 |
| References cited | 16 |
Is gold a hedge, defined as a security that is uncorrelated with stocks or bonds on average, or is it a safe haven, defined as a security that is uncorrelated with stocks and bonds in a market crash? We study constant and time‐varying relations between U.S., U.K. and German stock and bond returns and gold returns to investigate gold as a hedge and a safe haven. We find that gold is a hedge against stocks on average and a safe haven in extreme stock market conditions. A portfolio analysis further shows that the safe haven property is short‐lived.
Bond · Context (archaeology) · Econometrics · Economics · Financial economics · Geography · German · Gold as an investment · Haven · Hedge · Monetary economics · Portfolio · Safe haven · Statistics · Stock (firearms) · Stock market · Uncorrelated · Energy, Environment, Economic Growth · Finance · Financial Risk and Volatility Modeling · Market Dynamics and Volatility · Mathematics
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| Unique citing works | 66 |
|---|---|
| Citations per year | 4,71 |
| Citation span | 2012 - 2026 (15) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 64 |