The Golden Dilemma

Although gold has been around for thousands of years, its role in diversified portfolios is not well understood. The authors critically examined such popular stories as "gold is an inflation hedge." Investors face the following dilemma: The real price of gold is historically very high and...

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Veröffentlicht in:	Financial analysts journal 2013-07, Vol.69 (4), p.10-42
Hauptverfasser:	Erb, Claude B., Harvey, Campbell R.
Format:	Artikel
Sprache:	eng
Schlagworte:	Alternative Investments Central banks Consumer Price Index Currency Emerging markets Financial investments Gold Gold markets Gold price Gold standard Hedging Hyperinflation Inflation Inflation rates Investments Investors Market prices Portfolio analysis Portfolio diversification Price increases Real prices U.S.A
Online-Zugang:	Volltext
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Beschreibung
Zusammenfassung:	Although gold has been around for thousands of years, its role in diversified portfolios is not well understood. The authors critically examined such popular stories as "gold is an inflation hedge." 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.
ISSN:	0015-198X 1938-3312
DOI:	10.2469/faj.v69.n4.1