Dr. Juan Carlos Artigas: "Is Gold a Strategic Asset or a Tactical Investment? Developing a framework to value gold "
24 de noviembre de 2015
De 12.00 a 14.00 h
De 12.00 a 14.00 h
ITAM, Santa Teresa
Juan Carlos Artigas:
"Is gold a strategic asset or a tactical investment? Developing a framework to value gold "
Abstract:
To many investors, gold is either a relic or a whimsical investment that does not belong in modern portfolios. It generally costs to hold it, pays no yield and it’s largely seen as a non-producing asset. Those who hold it often use it as a store of capital. In reality, gold empirical characteristics are desirable in risk management: consistently low correlation, high liquidity, and safe-haven behaviour in systemic events.
Gold is not the magic bullet “gold bugs” claim, but disqualifying its usefulness outright may be equally extreme. Various studies show that, generally, long-term optimal gold allocations are non-zero. Yet, there is little academic literature on a robust gold-valuation framework, necessary to estimate expected returns reliably. Those existing, typically model price, but fail to incorporate underlying demand and supply dynamics.
Organiza: Departamento Académico de Administración