The price of shelter - Downside risk reduction with precious metals
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- 作者：Don Bredin ; Thomas Conlon ; Valerio Potì
- 关键词：Downside risk ; Precious metals ; Horizon ; Safe haven ; Value-at-risk
- 刊名：International Review of Financial Analysis
- 出版年：2017
- 出版时间：January 2017
- 年：2017
- 卷：49
- 期：Complete
- 页码：48-58
- 全文大小：1239 K
- 卷排序：49
文摘
Precious metals provide short-run portfolio downside risk reduction. Silver and platinum may increase long horizon portfolio downside risk. The price of shelter is a relative reduction in portfolio risk-adjusted returns. Downside risk reduction linked to precious metals variance and kurtosis properties. Precious metal futures a viable diversification alternative to physical metals.