TY  - JOUR
AB  - Is gold a hedge, defined as a security that is uncorrelated with stocks or bonds on average, or is it a safe haven, defined as a security that is uncorrelated with stocks and bonds in a market crash? We study constant and time-varying relations between U.S., U.K. and German stock and bond returns and gold returns to investigate gold as a hedge and a safe haven. We find that gold is a hedge against stocks on average and a safe haven in extreme stock market conditions. A portfolio analysis further shows that the safe haven property is short-lived.
AU  - Baur, DG
AU  - Lucey, BM
DA  - 2010/01/01
EP  - 229
JO  - The Financial Review
PB  - InterScience
PY  - 2010/01/01
SP  - 217
TI  - Is gold a hedge or a safe haven? An analysis of stocks, bonds and gold
VL  - 45
Y1  - 2010/01/01
Y2  - 2026/05/19
ER  -