Anything but gold - The golden constant revisited

نویسندگان

چکیده

This paper revisits the golden constant – gold’s property of keeping purchasing power via a comparison with set 17 commodities (energy, metals and agricultural products). We use graphical devices CPI-deflated commodity prices first, then stationarity tests designed to assess how fast real revert their “constant” and, finally, measurements convergence speed. find that price gold is far from constant, farther than most other commodities. also note mean reversion its constant/average weaker slower for These findings suggest perform better when it comes power. A portfolio would provide liquidity similar while offering investors more stable protection against inflation.

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ژورنال

عنوان ژورنال: Journal of Commodity Markets

سال: 2021

ISSN: ['2405-8513', '2405-8505']

DOI: https://doi.org/10.1016/j.jcomm.2021.100170