Anmerkungen:
In: Alternative Investment Analyst Review, Forthcoming
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 1, 2015 erstellt
Beschreibung:
We examine the returns of gold mining stocks, gold, and a diversified portfolio of U.S. stocks over a period from 2006 to 2015. We find that the return on gold mining stocks is explained more by the return on gold than by the return on stocks. Because gold mining stocks are more like gold than like stocks, this suggests that gold mining stocks may be viewed as a substitute for gold in a diversified portfolio. The return on gold, however, is far less correlated with the stock market return than is the return on gold mining stocks. This implies that for risk reduction purposes, gold is preferred to gold mining stocks