Since the dismantling of the Bretton Woods system, gold has delivered average return comparable to the average return … the financiers. In the context of modern asset pricing models, say the CAPM model or the Fama-French three factor model …, gold is a risk free asset, as it has no covariation with the risk factors. The large average gold return is a Jensen …

From 1836 to 2011, the average real rate of price change for gold in the United States is 1.1% per year and the … gold's real rate of price change with consumption and GDP growth rates are small and statistically insignificantly … between gold services and ordinary consumption, the model can generate a mean real rate of price change within the (0.1%, 2 …

From 1836 to 2011, the average real rate of price change for gold in the United States is 1.1% per year and the … gold's real rate of price change with consumption and GDP growth rates are small and statistically insignificantly … between gold services and ordinary consumption, the model can generate a mean real rate of price change within the (0.1%, 2 …