Do precious metals shine? An investment perspective

被引：277
|
作者：
Hillier, D [1 ]
Draper, P
Faff, R
机构：
[1] Univ Leeds, Leeds, W Yorkshire, England
[2] Univ Exeter, Exeter EX4 4QJ, Devon, England
[3] Monash Univ, Clayton, Vic 3168, Australia
来源：
FINANCIAL ANALYSTS JOURNAL | 2006年 / 62卷 / 02期
关键词：
D O I：
10.2469/faj.v62.n2.4085
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The investment role of precious metals in financial markets is investigated by analysis of daily data for gold, platinum, and silver from 1976 to 2004. All three precious metals have low correlations with stock index returns, which suggests that these metals may provide diversification within broad investment portfolios. Moreover, the data reveal that all three precious metals have some hedging capability, particularly during periods of "abnormal" stock market volatility. Financial portfolios that contain precious metals perform significantly better than standard equity portfolios.
引用
收藏
页码：98 / 106
页数：9
相关论文
共 50 条
  • [41] SITUATION OF PRECIOUS METALS
    FURLER, E
    METALL, 1967, 21 (01): : 48 - &
  • [42] OUTSHINING THE PRECIOUS METALS
    KAPLAN, F
    CANADIAN MINING JOURNAL, 1988, 109 (12) : 38 - 38
  • [43] Electroplating of precious metals
    Tomassi, Piotr
    OCHRONA PRZED KOROZJA, 2015, 58 (10): : III - III
  • [44] Biomineralization of Precious Metals
    Pavlova, L. M.
    Radomskaya, V. I.
    BIOGENIC-ABIOGENIC INTERACTIONS IN NATURAL AND ANTHROPOGENIC SYSTEMS, 2016, : 15 - 27
  • [45] Precious metals recovery
    Verhelst, Michel
    Hydrocarbon Engineering, 2003, 8 (07): : 45 - 46
  • [46] Biosorption of precious metals
    Mack, C.
    Wilhelmi, B.
    Duncan, J. R.
    Burgess, J. E.
    BIOTECHNOLOGY ADVANCES, 2007, 25 (03) : 264 - 271
  • [47] Segregations of precious metals
    Moiseenko, VG
    Palazhchenko, VI
    Veselova, MS
    Makeeva, TB
    DOKLADY EARTH SCIENCES, 2002, 385 (05) : 530 - 533
  • [48] BASE AND PRECIOUS METALS
    BANCEL, DA
    KENT, GG
    MINING CONGRESS JOURNAL, 1977, 63 (11): : 30 - 33
  • [49] METALLOGRAPHY OF PRECIOUS METALS
    PIOTROWSKI, T
    ACCINNO, DJ
    METALLOGRAPHY, 1977, 10 (03): : 243 - 289
  • [50] REFINING PRECIOUS METALS
    BERRY, RI
    CHEMICAL ENGINEERING, 1979, 86 (13) : 90 - 91
12345