No. 277 - Gold as a safe haven asset? Empirical evidence from a comparison of different financial assets

by Franco Panfili, Francesco Daini, Francesco Potente, Giuseppe Reale
June 2015
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This work verifies the safe haven property of gold during market turmoil. Gold is also compared with other potential safe haven assets (Bunds and US Treasuries). The empirical analysis confirms the role of gold as a safe haven, especially ahead of shocks related to euro-government-bond markets with higher credit risk premiums. These results prove the essential role of gold in the balance sheet of  Eurosystem central banks.

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  1. 11 June 2015
    No. 277 - Gold as a safe haven asset? Empirical evidence from a comparison of different financial assets
    PDF 2.4 MB

    (only in Italian)