Research library

This second edition of Gold Investor includes four papers: I. Investment commentary: first quarter 2013; II. Gold and currencies: protecting purchasing power; III. Gold in the "Great Rotation"; IV. Gold holdings: ample room for growth in a broad and liquid market.

Our analysis shows that despite the recent pullback in the gold price, gold has never been more relevant as an investment asset and currency. Whether acting as an inflation hedge, a tail-risk hedge or a tool to hedge against debasement, gold’s qualities seem tailor made for these turbulent times.

This first edition of Gold Investor includes 4 papers: I. Q4 and full year 2012 gold investment commentary; II. Gold and currencies: hedging foreign-exchange risk; III. Gold and tail risk hedging: an international perspective IV. Gold and foreign-reserve diversification for emerging-markets central banks.

This paper argues that using gold as collateral for highly distressed bonds would bring great benefits to the euro area in terms of reduced financing costs and bridge-financing. It is mindful of the legal issues that this will raise and that such a suggestion will be highly controversial. For this purpose…