Do precious metals shine? An investment perspective

被引：291

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

页码：98 / 106

页数：9

共 13 条

[1] THE NATURE AND EFFICIENCY OF THE GOLD MARKET [J].