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Claude B. Erb & Campbell R. Harvey. Working Paper 18706. DOI 10.3386/w18706. Issue Date January 2013. While gold objects have existed for thousands of years, gold's role in diversified portfolios is not well understood. We critically examine popular stories such as 'gold is an inflation hedge'.
The Golden Dilemma. Claude B. Erb. Los Angeles, CA 90272. Campbell R. Harvey. Duke University, Durham, NC 27708 National Bureau of Economic Research, Cambridge, MA 02138. Gold objects have existed for thousands of years but for many investors gold has only recently become a tradable investment opportunity.
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The Golden Dilemma. Campbell Harvey. 2012. Abstract: Gold objects have existed for thousands of years but gold has only been an actively traded object since 1975. Gold has often been described as an inflation hedge. If gold is an inflation hedge then on average its real return should be zero.
1 de ene. de 2013 · Investors face the following dilemma: The real price of gold is historically very high and may revert to the mean, but if prominent emerging markets increase their gold holdings, the real price of gold may rise even further from today’s elevated levels. Gold is an important asset, with a market….
Abstract: While gold objects have existed for thousands of years, gold's role in diversified portfolios is not well understood. We critically examine popular stories such as 'gold is an inflation hedge'. We show that gold may be an effective hedge if the investment horizon is measured in centuries.
If prominent emerging markets increase their gold holdings to average per capita or per GDP holdings of developed countries, the real price of gold may rise even further from today's elevated levels. In the end, investors face a golden dilemma: 1) embrace a view that 'those who cannot remember the past are condemned to repeat it' and the ...
