Investing in gold – Market timing or buy-and-hold?

Dirk G. Baur, Hubert Dichtl, Wolfgang Drobetz, Viktoria Sophie Wendt

Research output: Contribution to journalReview article

Abstract

The literature on gold is dominated by empirical studies on its diversification, hedging, and safe haven properties. In contrast, the question “When to invest in gold?” is generally not analyzed in much detail. We test more than 4000 seasonal, technical, and fundamental timing strategies for gold and find evidence for some market timing ability and economic gains relative to a passive buy-and-hold benchmark. However, since the results are not robust to data-snooping biases and limited to specific evaluation periods, we conclude that our findings support the efficiency of the gold market.

Original languageEnglish
JournalInternational Review of Financial Analysis
DOIs
Publication statusE-pub ahead of print - 20 Nov 2018

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Investing
Market timing
Hedging
Empirical study
Data snooping
Diversification
Benchmark
Evaluation
Economics
Safe haven

Cite this

Baur, Dirk G. ; Dichtl, Hubert ; Drobetz, Wolfgang ; Wendt, Viktoria Sophie. / Investing in gold – Market timing or buy-and-hold?. In: International Review of Financial Analysis. 2018.
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Investing in gold – Market timing or buy-and-hold? / Baur, Dirk G.; Dichtl, Hubert; Drobetz, Wolfgang; Wendt, Viktoria Sophie.

In: International Review of Financial Analysis, 20.11.2018.

Research output: Contribution to journalReview article

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