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Title: Evaluating the timeless appeal: gold and silver as inflation hedges
Authors: Amanatidis, Stefanos Marinos
Keywords: Gold-prices
Inflation hedge
Vector Error Correction Model (VECM)
Issue Date: 2023
Publisher: Πανεπιστήμιο Μακεδονίας
Abstract: Gold and Silver were in the forefront of monetary policy for a significant part of human history and are now regarded as financial assets with inflation-hedging properties. This thesis seeks to evaluate whether this belief is true in the long-run, by examining their prices during 1792–2022 in the US and the UK, against expected and headline inflation. First, an analysis of inflation-adjusted prices finds that gold has retained and slightly increased its purchasing power. The same is not true for silver which has relied on sporadic peaks and high-momentum markets. Also, other options might be better since both metals are volatile. Second, a VECM is employed, finding that gold is cointegrated with inflation and has been a superior hedge against it, better so for the US and slightly better against expected inflation. Silver is also a hedge, though less consistent and only against expected inflation.
Description: Πτυχιακή εργασία--Πανεπιστήμιο Μακεδονίας, Θεσσαλονίκη, 2023.
Η βιβλιοθήκη διαθέτει αντίτυπο της πτυχιακής μόνο σε ηλεκτρονική μορφή.
Rights: Attribution-NonCommercial-NoDerivatives 4.0 International
Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές
Appears in Collections:Τμήμα Οικονομικών Επιστημών (Π)

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