Is Gold a Zero-Beta Asset? Analysis of the Investment Potential of Precious Metals

Autor:	John R. Zimmerman, James Ross McCown
Rok vydání:	2006
Předmět:	Inflation Market risk Financial economics media_common.quotation_subject Gold as an investment Economics Asset (economics) Beta (finance) Investment (macroeconomics) health care economics and organizations Treasury Zero (linguistics) media_common
Zdroj:	SSRN Electronic Journal.
ISSN:	1556-5068
DOI:	10.2139/ssrn.920496
Popis:	Gold shows the characteristics of a zero-beta asset. It has approximately the same mean return as a Treasury Bill and bears no market risk. Silver also bears no market risk but has returns inferior to Treasury Bills. Both gold and silver show evidence of inflation-hedging ability, with the case being much stronger for gold. The prices of both metals are cointegrated with consumer prices, showing additional evidence of hedging ability.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::0a0f564dfeea9aecd4a627bcdc19afe4 https://doi.org/10.2139/ssrn.920496 Zobrazit plný text záznamu