Abstract

This paper investigates the relations between gold and US equity by focusing on the period for the recent five years from 2017 to 2022, which is during and after the COVID-19 crisis, and derives the following findings. First, for the five years during and after the COVID-19 crisis, gold and US equity returns were little correlated. Second, during the five years, US equity returns were higher than gold returns. Third, during the five years, US equity volatilities were clearly higher than gold volatilities.

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