Revisiting precious metal mining stocks and precious metals as hedge, diversifiers and safe-havens: a multidimensional scaling and wavelet quantile correlation perspective
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Abstract
We test whether precious metals and their mining stock counterparts are hedges, diversifiers or safe-havens against equity markets. We resort to multidimensional scaling and wavelet-based quantile correlation method to examine the association between precious metals, indices of precious metal mining stocks and equity market over both quantiles and frequencies. Our results indicate that the white precious metals and the mining stocks of gold and silver are potential diversifier assets. We also find that gold maintains the exclusivity of being both hedge and safe-haven against equity market. The results drawn have important implications for investors and managers operating at different time horizons in the equity market.
期刊介绍：
Empirical Economics publishes high quality papers using econometric or statistical methods to fill the gap between economic theory and observed data. Papers explore such topics as estimation of established relationships between economic variables, testing of hypotheses derived from economic theory, treatment effect estimation, policy evaluation, simulation, forecasting, as well as econometric methods and measurement. Empirical Economics emphasizes the replicability of empirical results. Replication studies of important results in the literature - both positive and negative results - may be published as short papers in Empirical Economics. Authors of all accepted papers and replications are required to submit all data and codes prior to publication (for more details, see: Instructions for Authors).The journal follows a single blind review procedure. In order to ensure the high quality of the journal and an efficient editorial process, a substantial number of submissions that have very poor chances of receiving positive reviews are routinely rejected without sending the papers for review.Officially cited as: Empir Econ
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