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Title: | Evaluating the timeless appeal: gold and silver as inflation hedges |
Authors: | Amanatidis, Stefanos Marinos |
Keywords: | Gold-prices Silver-prices Inflation hedge Cointegration 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. |
URI: | http://dspace.lib.uom.gr/handle/2159/29355 |
Rights: | Attribution-NonCommercial-NoDerivatives 4.0 International Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές |
Appears in Collections: | Τμήμα Οικονομικών Επιστημών (Π) |
Files in This Item:
File | Description | Size | Format | |
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AmanatidisStefanosMarinosPe2023.pdf | 637.51 kB | Adobe PDF | View/Open |
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