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 … different from zero. These negligible covariances suggest that gold's expected real rate of return--which includes an unobserved …

The behavior of gold as an investment asset has been researched extensively. For the very long run, that is several … decades, gold does not outperform equities. However, for shorter periods, gold responds to fears of inflation, stock market … investigate the behavior of gold prices using both traditional financial variables such as equity returns, equity volatility, oil …