Volume : IV, Issue : III, April - 2014 GOLD AS AN INVESTMENT VEHICLE![](ArticleImage/4450.jpg) Arti Chandani, Arzoo Bista
Krittika Magotra
Shruti Mahavarthayajula By : Laxmi Book Publication Abstract : Gold has been used extensively for savings, investments and consumption since ages;
however the importance of the gold as an investment instruments has been much talked in the recent
times. This research paper intends to find various applications of gold portfolios as an alternate asset
class: the benefits of including gold to an investment portfolio have been analyzed. The results indicate
that gold has performed significantly better than other assets like debt and equity in both emerging and
US markets. It was noted that addition of gold to portfolios helped reduce the volatility and increase
overall returns during the period 2009-12. For example, in 2008, when the U.S. equity market plunged to
36.99%, gold in fact showed returns of 5.8%. It is also observed that the inverse correlation exists
between the dollar index and the gold prices helped reduce the portfolio risk as a result of diversification. Keywords : Article : Cite This Article : Arti Chandani, Arzoo Bista
Krittika Magotra
Shruti Mahavarthayajula (2014). GOLD AS AN INVESTMENT VEHICLE. Indian Streams Research Journal, Vol. IV, Issue. III, http://isrj.org/UploadedData/4450.pdf References : - Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- Journal. May/June.
- 159-177.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- 39-44.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- 159-177.
- 159-177.
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- 159-177.
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- 39-44.
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- 39-44.
- 39-44.
- 39-44.
- 159-177.
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- 159-177.
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- 39-44.
- 159-177.
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- 159-177.
- 39-44.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- 159-177.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- 39-44.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- 159-177.
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- 39-44.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- 39-44.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- 159-177.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- 39-44.
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- 159-177.
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- 39-44.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- 159-177.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- 39-44.
- 39-44.
- 159-177.
- 159-177.
- 159-177.
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- 39-44.
- 159-177.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- 39-44.
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- 39-44.
- 159-177.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- 39-44.
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- 39-44.
- 159-177.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Journal. May/June.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- 159-177.
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- 159-177.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- 39-44.
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- 39-44.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- 39-44.
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- 159-177.
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- 39-44.
- 39-44.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- 39-44.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Brinson, G. P ., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal,
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- 39-44.
- Burton, E. J., Leyland, J., & Pulvermacher, K. (2006). Gold and inflation. The Handbook of Inflation Hedging Investments,
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- 159-177.
- Michaud, R., Michaud, R., & Pulvermacher, K. (2006). Gold as a Strategic Asset. World Gold Council, London.
- 39-44.
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
- 39-44.
- Journal. May/June.
- Marlin, B. and T . Louis. 1996. Bayes and Empirical Bayes Methods for Data Analysis. Chapman and Hall: Boca Raton.
- 159-177.
- Brinson, G. B., Singer and G. Beebower. 1991. “Determinants of Portfolio Performance II:An Update” Financial Analysts
- Jaffe, J. F . (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal, 53-59.
|
Article Post Production
No data exists for the row/column.
|