Gold Investment Digest

The latest edition of our quarterly report offering investment professionals a concise analysis of recent gold market trends. Covering market and investment trends and key economic indicators, the Digest provides a single, straightforward summary of the gold market and the key factors that influence it. Current edition>>

Previous editions (653 kb) January 2009 (638 kb) October 2008 (696 kb) July 2008 (431 kb) April 2008 (312 kb) January 2008 (447 kb) October 2007 (358 kb) July 2007 (438 kb) April 2007 (312 kb ) January 2007 (768 kb) October 2006

Gold Demand Trends

Our detailed report on recent changes in the gold market, with statistics and commentary on supply and demand, and in-depth focus pieces on particular subjects and countries of interest.
For previous editions>>

 

Featured Research

 (517 kb) Gold as a Strategic Asset for UK Investors by Rozanna Wozniak

Following on from the World Gold Council’s 2006 US-based research report, Gold as a Strategic Asset, this new paper takes a holistic approach to seeking answers to some key questions of specific concern to the UK investment community: How would gold’s attributes, when combined, contribute to the performance of a typical UK portfolio? Is it optimal for a UK based investor to have a strategic or benchmark allocation to gold?

 (355 kb) Investing in Commodities – Benefits, Risks and Implementation: A Case Study on Missouri State Employees’ Retirement System by Natalie Dempster

A growing number of pension funds, plan sponsors, and foundations and endowments are investing in commodities. According to Standard and Poor’s, 78 funds in the US alone have positions ranging from 0.1% to 12% of total assets. Missouri State Employees’ Retirement System (MOSERS) is one such thought leader in the field, having made its first investment in commodities back in 1998. That decision has helped MOSERS become one of the best performing funds in its peer group, posting an impressive annualised return of 9.2% in the 10 years to June 2007. This case study looks at the driving force, perceived benefits and risks, and implementation strategy behind MOSERS investment in commodities.

 (918 kb) Is gold a volatile asset? by Rozanna Wozniak

 (226 kb) What does a US recession imply for the gold price? by Natalie Dempster
 What does a US recession imply for the gold price?

 

Recent and most popular research

The following papers are listed by theme, although some subjects are not mutually exclusive and some papers may cover a range of topics; therefore, several papers may be listed below more than once. See our Investing in Gold website for additional background information and an introductory overview of the investment case for gold.

We have also recently introduced Audio/Video files which present overviews of some of the key issues and themes covered in specific papers.

Portfolio diversification

 (517 kb) Gold as a Strategic Asset for UK Investors by Rozanna Wozniak

(248 kb) Investing in Gold: The Strategic Case by Natalie Dempster
Investing in Gold: The Strategic Case

(612 kb) Gold as a Strategic Asset by Richard Michaud, Robert Michaud, Katharine Pulvermacher

Why is gold different from other assets? An empirical investigation by Colin Lawrence
(65kb) Executive summary
(432kb) Full paper

(136 kb) What sets the precious metals apart from other commodities? by Rhona O’Connell

(236 kb) Introducing the “Reliability Index” by Rhona O’Connell

Gold and inflation

(632 kb) Short-Run and Long-Run Determinants of the Price of Gold by Eric J Levin and Robert E Wright

(903kb) Gold as a Store of Value by Stephen Harmston

(292 kb) Inflation Protection: Why Gold Works Better Than “Linkers” by David Ranson

(341 kb) Why Gold, Not Oil, Is The Superior Predictor of Inflation by David Ranson

Gold and the dollar

(367kb) Gold as a Hedge against the US Dollar by Forrest Capie, Terence C Mills and Geoffrey Wood

(379kb) Commodity Prices and the Influence of the US Dollar by Nikos Kavalis

Wealth protection

(1105 kb) Gold as a Safe Haven by Rhona O’Connell

 (226 kb) What does a US recession imply for the gold price? by Natalie Dempster
What does a US recession imply for the gold price?

Country case studies

(1,550 kb) Gold: does it make sense for South African investors? by Katharine Pulvermacher

(318 kb) The Role of Gold in India by Natalie Dempster

Gold and commodities

(379 kb) Commodity Prices and the Influence of the US Dollar by Nikos Kavalis

(136 kb) What sets the precious metals apart from other commodities? by Rhona O’Connell

(209 kb) Metals & Backwardation by Gillian Moncur and Peter Kettle

(168 kb) Indices Enticing Investors by Gillian Moncur

(162kb) The Size and Structure of Metals Markets: How Gold Compares with other Non-Ferrous Metals by Peter Kettle

(251kb) Commodity returns and the economic cycle by Katharine Pulvermacher

(923kb) Investing in commodities: a risky business? by Katharine Pulvermacher

(124kb) What are Commodities? by Katharine Pulvermacher

The gold market

(216kb) Gold and hedge funds: a comparative analysis by Katharine Pulvermacher

(1,157kb) Gold Derivatives: The market view by Jessica Cross

(446kb) Gold Derivatives: The market impact by Anthony Neuberger

(373kb) Retail Gold Investment and Private Investor Stocks - A Review

Central Banks

Central Bank Case Study: Austria

Central Bank Case Study: The Philippines

Central Bank Case Study: Switzerland

For background information on the structure and operations of the gold market, see also the documents on our Gold Market Knowledge