Role Of Gold Research Articles

Measuring the response of gold prices to uncertainty: An analysis beyond the mean

This paper provides an innovative perspective on the role of gold as a hedge and safe haven. We use a quantile-on-quantile regression approach to capture the dependence structure between gold returns and changes in uncertainty under different gold market conditions, while considering the nuances of uncertainty levels. To capture the core uncertainty effects on gold returns, a dynamic factor model is used. This technique allows summarizing the impact of six different indexes (namely economic, macroeconomic, microeconomic, monetary policy, financial and political uncertainties) within one aggregate measure of uncertainty. In doing so, we show that the gold's role as a hedge and safe haven cannot be assumed to hold at all times. This ability seems to be sensitive to the gold's various market states (bearish, normal or bullish) and to whether the uncertainty is low, middle or high. Interestingly, we find a positive and strong relationship between gold returns and the uncertainty composite indicator when the uncertainty attains its highest level and under normal gold market scenario. This suggests that holding a diversified portfolio composed of gold could help protecting against exposure to uncertain risks.

Parasal Sistemde Altının Yeri ve Altına Dayalı Finansal Araçlar - The Role of Gold in the International Monetary System and Gold Based Financial Instruments

Gold, that has been existed in each period of the finance history, is directly used as an exchange tool and a substantial reserve for the financial system. Besides it has been a saving and investment tool amongst the investors. Today it still remains on the agenda within various financial tools. The reason of preparing this study is the development achieved in Turkey recently, relating the Gold Bonds/Gold Certificates which is one of the gold based financial instruments contributing to the economic growth via “gold under mattress” belonged to the individual investors. Initially “the concept of gold” and then “the role of gold in the international monetary system” are mentioned in the study afterwards “gold trading markets” are briefly presented. By clarifying “the gold based financial instruments”; the study is finalized by results and conclusion chapter.

РОЛЬ ЗОЛОТОГО ЗАПАСУ В ЗАБЕЗПЕЧЕННІ СТАЛОГО ЕКОНОМІЧНОГО РОЗВИТКУ УКРАЇНИ

В статті розглянуто роль золотовалютних резервів, зокрема золота, як індикатора ефективності економіки України. Незначні темпи економічного зростання, економічна криза свідчать про те , що в державі недооцінюється роль золота в якості валютної ліквідності, стабілізації національної валюти та подолання інфляційних ризиків. Визначено переваги золотодобувних країн, адже вони автоматично стають виробником валюти. Проведено аналіз соціально-економічної ситуації в Україні, дефіциту поточного рахунку платіжного балансу. Золото може стати для країни та інвесторів гарантом економічної стабільності та безпеки. Розглянуто можливість в отриманні власного промислового золота, окреслено перспективи відновлення і розвитку золотодобувної промисловості України.

Does gold act as a safe haven against exchange rate fluctuations? The case of Pakistan rupee

Investors often look for a refuge to avoid undesirable exposures to risk during period of extreme downturns in currency returns. We investigate daily gold and rupee exchange rates depreciation against set of currencies over the period of 1992–2015. Using wavelets at multiple time horizons; we find that gold act as a consistent short run hedge against exchange rate hence validating the exchange rate destruction hypothesis. This finding is helpful for speculators in their decision making while taking long and short positions accordingly. This finding suggests that central bank also need to keep other safe haven assets in reserves because the hedging ability of gold is only limited to short run. Further, the role of gold in providing protection against currency risks is also confirmed using quantile regression. These results assist portfolio managers and governments in formulating effectual diversification strategy for preserving investment portfolio during extreme event condition. Our results also suggest that gold has a lead relationship with exchange rate; however, this relationship switches over specific time intervals. This finding is of major concern for policy makers in determining the extent of stabilization in gold prices to bring consistency to exchange rate. Finally, the Granger coherence coefficients confirm that the strength of the causal relationship varies across over all frequencies. These conclusions have important implications for policy makers, economic analysts, portfolio managers and institutional investors.

Role of σ,π-Digold(I) Alkyne Complexes in Reactions of Enynes.

Gold(I) acetylide and σ,π-digold(I) alkyne complexes derived from one prototypical 1,6-enyne and from 7-ethynyl-1,3,5-cycloheptatriene have been prepared and structurally characterized. Their possible role in gold(I)-catalyzed cycloisomerizations has been studied by experiment and by DFT calculations. Gold(I) acetylides are totally unproductive complexes in the absence of Brønsted acids. Similarly, no cyclizations were observed by heating σ,π-digold(I) alkyne digold(I) at least up to 130 °C. Theoretical studies provide a rationale for the much lower reactivity of digold species in reactions of enynes.

The Role of Gold and the VIX in Investment Portfolios A Financial and Sustainability Perspective

This paper analyzes and contrasts the diversification benefits of gold and the volatility index VIX from a financial and sustainability perspective. We operationalize sustainability by means of carbon emissions and show that the addition of gold or the VIX to a diversified equity portfolio can reduce the portfolio’s carbon emissions per US dollar value and thus enhance the sustainability of the portfolio. Since gold is only mined once and does not involve recurring emissions, gold’s sustainability performance increases the longer the portfolio is held. Derivatives, including the VIX, reduce a portfolio’s carbon emissions per US dollar value even more because carbon emissions only occur at the underlying firm level and cannot be double-counted. Our study highlights the critical role of physical assets and derivatives in the sustainability analysis of investment portfolios.

Reassessing the role of precious metals as safe havens–What colour is your haven and why?

The role of gold as a safe haven asset has been extensively studied in recent years. This article extends previous literature and examines time varying safe haven properties versus equities and bonds of four precious metals (gold, silver, platinum and palladium) across eleven countries. Results suggest that the metals each play safe haven roles; there are times when one metal is not while another may be a safe haven against an asset. The second part of this article attempts to identify robust economic and political determinants of precious metals safe haven properties applying zero-inflated Poisson regression (ZIP) and extreme bound analysis (EBA). Economic Policy Uncertainty is found to be a positive and robust determinant of a precious metal being a safe haven. This holds across countries. Stock volatility, exchange rates, interest rate and credit spreads are also found to be significant, but results are quite mixed for different markets and are fragile of model specification.

Золотой запас: российская и зарубежная практика формирования, хранения и использования

The role of gold as a monetary metal in the development of any state is undoubtedly significant. Due to its natural characteristics the sphere of use of gold is extensive. Available at the disposal of mankind gold finds its application in jewelry, industry, medicine, as well as in the formation of the national gold reserves. The gold reserve of the state is a part of the international reserves, which is under the authority of the authorized state body and is represented by physical gold – ingots and coins (monetary gold). The gold reserve forms for strictly defined purposes stipulated by the corresponding regulation of any state. As a rule the purpose of their formation and use is to meet the urgent needs of the state, conditioned by extraordinary circumstances of a military, political and economic nature. In addition, significant amount of gold reserves indicate the reliability and solvency of the state. At the same time despite the significance of this part of the international reserves its amount in various states essentially differs. Some public orders perform a well-targeted disposal of the gold reserve. Thus, the trends in terms of the order of formation, storage, and use of the gold reserve, seen in a particular state, are different. We propose to consider the current world trends in this field in this article.

Designing Morphology in Epitaxial Silicon Nanowires: The Role of Gold, Surface Chemistry, and Phosphorus Doping.

Vertically aligned semiconductor nanowires (NWs) have many potential applications for NW-based technologies, ranging from solar cells to intracellular sensors. Aligned NWs can be fabricated by top-down etching of planar wafers or synthesized from the bottom up using the vapor-liquid-solid (VLS) mechanism to induce epitaxial growth on lattice-matched substrates. The VLS process permits the modulation of dopants along the NW growth axis, which if combined with dopant-dependent wet-chemical etching, can be used to encode precise morphology. However, the synthesis of vertical and linear NWs with complex morphology is nontrivial, requiring control over multiple interdependent aspects of the VLS process. Here, we demonstrate sub-10 nm morphology in ⟨111⟩ epitaxial silicon (Si) NWs grown by the VLS mechanism on (111) Si substrates with gold (Au) catalysts. Using silane (SiH4), phosphine (PH3), and hydrochloric acid (HCl) precursor gases at 480 °C, precise morphology is encoded through abrupt phosphorus (P) dopant transitions, which are found to be less than 5 nm in width. The results highlight three mechanistic attributes of the process. First, NW growth in the ⟨111⟩ direction is found to be unstable at high SiH4 partial pressures and growth rates unless using HCl, which stabilizes NW growth through chlorination of the NW sidewall. Second, aggregated Au deposited on the NW surface by the VLS catalyst is found to be immobile on the chlorinated surface and to impede selective wet-chemical etching by potassium hydroxide (KOH) solution, preventing the design of precise morphology. Third, the aggregation of Au is found to be strongly dependent on the SiH4 partial pressure and NW growth rate, and values exceeding ∼100 mTorr and ∼150 nm/min, respectively, are required to minimize Au and thereby enable selective wet-chemical etching. Under optimized growth conditions, we find that abrupt, complex, and arbitrary dopant profiles and morphologies can be encoded in vertical Si NWs, and we expect that a variety of electronic and photonic applications can be realized with these designed nanostructures.

Formation mechanism of gold-based and gold-free ohmic contacts to AlGaN/GaN heterostructure field effect transistors

To better understand the formation mechanism of ohmic contacts to GaN-based heterostructure field effect transistors, we have compared in detail Ti/Al/Ti/Au and Ti/Al/Ti/TiN contacts. Transmission electron microscopy and electron dispersive X-ray spectroscopy revealed that following anneal, TiN islands penetrated through the AlGaN barrier, as already well known, in the gold-based ohmic contacts but not in the gold-free contacts. We hence conclude that gold facilitates the formation of the TiN islands and propose that the role of gold is extraction of gallium from the semiconductor, providing a gallium depleted region for TiN island formation. For the case of the gold-free contacts, a 8 nm thick semi continuous TiN layer was formed following 900 °C anneal. A 2 nm thick TiN layer was observed in the as deposited samples and remained intact after anneal up to 825 °C. The different ohmic contact formation mechanism of gold-based and gold-free contacts is also manifested by our finding that a discontinuous AlN nitride spacer layer between the barrier and the bulk may lead to non-uniformity in contact behavior across the wafer in the case of gold-free contacts. For gold-based contacts, ohmic contact behavior was uniform across the wafer.

Reassessing the Role of Precious Metals as Safe Havens - What Colour is Your Haven and Why?

The role of gold as a safe haven asset has been extensively studied in recent years. This article extends previous literature and examines time varying safe haven properties versus equities and bonds of four precious metals (gold, silver, platinum and palladium) across eleven countries. Results suggest that the metals each play safe haven roles; there are times when one metal is not while another may be a safe haven against an asset. The second part of this article attempts to identify robust economic and political determinants of precious metals’ safe haven properties applying zero-inflated Poisson regression (ZIP) and extreme bound analysis (EBA). Economic Policy Uncertainty is found to be a positive and robust determinant of a precious metal being a safe haven. This holds across countries. Stock volatility, exchange rates, interest rate and credit spreads are also found to be significant, but results are quite mixed for different markets and are fragile of model specification.

The Global 2 % Inflation Standard – How Will it End?

The Greenspan Fed took the U.S. on to a 2 % inflation standard in 1996. Europe followed with the launch of the euro in 1998. Japan finally joined in 2013. This paper seeks to demonstrate how the standard has been responsible for three serious episodes of asset price inflation in the global economy and also for the unleashing of currency warfare on a scale not seen since the 1930s. Yet the global 2 % inflation standard at least superficially is well entrenched now with the IMF assuming yet another role for itself, guardian of the new monetary “order,” describing actions by its key members to boost inflation and devalue their currencies as “courageous.” The best prospect of over-turning the standard lies within the U.S. political arena but as yet the necessary forces there are weak and ill-formed. If the U.S. were to abandon the standard it would have to accompany this with steps to prevent Europe, Japan and China from waging currency war whilst sticking to the old monetary regime. In practice much of the world would choose to join a dollar standard once the U.S. abandoned the 2 % inflation standard in favour of monetary stability. A failure of the U.S. to break with the 2 % standard would not prevent other countries (most plausibly Japan or Germany) from abandoning it, but such a road would be arduous. In both types of break-up of the 2 % standard (U.S. led and foreign led) there could be a key role for gold, though this is not essential.

Synthesis of gold(iii) ← gold(i)–NHC through disproportionation: the role of gold(i)–NHC in the induction of apoptosis in HepG2 cells

The anticancer activities of novel Au(i) and Au(iii)–NHC complexes based on 2-[(6-methylpyridin-2-yl)]imidazo[1,5-a]pyridin-4-ylium hexafluorophosphate have been investigated.

VEINS AND HYDROTHERMAL BRECCIAS OF THE RANDU KUNING PORPHYRY Cu-Au AND EPITHERMAL Au DEPOSITS AT SELOGIRI AREA, CENTRAL JAVA INDONESIA

The Randu Kuning prospect is situated at Selogiri area, Wonogiri, Central Java, Indonesia. This location is about 40 km to the south-east from Solo city or approximately 70 km east of Yogyakarta city. Many Tertiary dioritic rocks related alterationmineralisation were found at the Randu Kuning area and its vicinity, including hornblende microdiorite, hornblende-pyroxene diorite and quartz diorite. Mineralisation type of the Randu Kuning prospect was interpreted as porphyry Cu-Au and a number epithermal Au-base metals deposits in its surrounding. The closed existing of porphyry Cu-Au and epithermal Au-base metals type deposits at the Randu Kuning area produced a very complex of veins and hydrothermal breccias crosscutting relationship. A lot of porphyry veins types were found and observed at the Randu Kuning area, and classified into at least seven types. Most of the porphyry veins were cross cut by epithermal type veins. Many epithermal veins also are found and crosscut into deeply porphyry vein types. There are genetically at least two type of hydrothermal breccias have recognized in the research area, i.e. magmatic-hydrothermal breccia and phreatomagmatic breccia. Magmatic hydrothermal breccias are mostly occured in contact between hornblende microdiorite or quartz diorite and hornblende-pyroxene diorite, characterized by angular fragments/clasts supported or infilled by silicas, carbonates and sulphides matrix derived from hydrothermal fluids precipitation. Phreatomagmatic breccias are characterized by abundant of the juvenile clasts, indicated contact between hot magma with fluid or water as well as many wall rock fragments such as altered diorites and volcaniclastic rock clasts set in clastical matrix. The juvenile clasts usually compossed by volcanic glasses and aphanitic rocks in rounded-irregular shape. Both veining and brecciation processes have an important role in gold and copper mineralisation of the Randu Kuning Porphyry Cu-Au and epithermal Au-base metals deposits, mostly related to the presence of quartz veins/veinlets containing significant sulphides, i.e., quartz with thin centre line sulphides (Abtype) veins, pyrite±chalcopyrite (C type) veinlets, pyrite+quartz± chalcopyrire±carbonate (D type) veins of porphyry types as well as epithermal environment quarts+ sulphides+carbonate veins.

Diffusion NMR measurements on cationic linear gold(I) complexes

In the last years, it has been demonstrated that the anion plays a key role in gold(I) catalysis, affecting yield, regio- and stereo-selectivity of processes. In order to perform such activity, necessarily the anion has to locate itself close to the reaction center. In this contribution, the level of aggregation of cationic linear gold complexes bearing different ligands, such as phosphines and carbenes, is studied by diffusion PGSE (Pulsed field Gradient Spin Echo) NMR spectroscopy as a function of concentration and solvent. It is found that functional groups, which establish specific interactions with the anion, such as –NH or polarized –CH moieties, strongly influence the self-aggregation of gold(I) complexes: ion pairs are the predominant species in solution, but ion quadruples also form in apolar solvents only when –NH or polarized –CH moieties are present in the ligand. In the absence of those functional groups free ions are present in solution with a small amount of ion pairs. Interestingly, the presence of an extended aromatic group on the cation leads to dicationic adducts and ion triples, which are held together by π–π stacking interactions. When more than one functional group is present, 19F, 1H HOESY (Heteronuclear Overhauser Effect SpectroscopY) NMR experiments and DFT coulomb potential maps are used to check which group establishes the strongest interaction with the anion.

The regime-switching risk premium in the gold futures market

A bivariate Markov-switching model identifies two regimes in the futures-price and risk-premium models. The persistent underlying states have very different implications for spot and risk-premium forecasts. In the “low” state, a positive bias predicts spot price appreciation. The “high” state is associated with lower spot appreciation and higher risk premiums. The regime-switching framework provides a new perspective on the intertemporal role of gold as a hedge or safe-haven asset. The gold spot-price appreciation regime is shown to be correlated with higher inflation rates and the complement regime is associated with high market returns and stock market risk premia. Since the state-space methodology procedure can be employed using only past data, forecasts of the persistent unobserved underlying state of the gold price appreciation regime will be augmented as more data becomes available.

Popyt na rynku złota

Market demand for gold is characterized by particular specificity, which is that there are several submarkets in this market, a significant position being occupied by demand markets for physical gold. The scale of demand in these markets is determined by a number of economic and emotional, psycho- logical, and cultural factors. This stems from the role of gold, which can be a luxury object, industrial raw material, a guarantee of security, and an instrument of investment. A vital factor that determines the scale of market demand is the price. In the case of the demand for gold, the evident relationship between the two economic categories has not been clear-cut, however. This is an essential empirical proof of the special importance of gold, and other motives, apart from price, that govern investors when buying it.

Probing structural dynamics of an artificial protein cage using high-speed atomic force microscopy.

A cysteine-substituted mutant of the ring-shaped protein TRAP (trp-RNA binding attenuation protein) can be induced to self-assemble into large, monodisperse hollow spherical cages in the presence of 1.4 nm diameter gold nanoparticles. In this study we use high-speed atomic force microscopy (HS-AFM) to probe the dynamics of the structural changes related to TRAP interactions with the gold nanoparticle as well as the disassembly of the cage structure. The dynamic aggregation of TRAP protein in the presence of gold nanoparticles was observed, including oligomeric rearrangements, consistent with a role for gold in mediating intermolecular disulfide bond formation. We were also able to observe that the TRAP-cage is composed of multiple, closely packed TRAP rings in an apparently regular arrangement. A potential role for inter-ring disulfide bonds in forming the TRAP-cage was shown by the fact that ring-ring interactions were reversed upon the addition of reducing agent dithiothreitol. A dramatic disassembly of TRAP-cages was observed using HS-AFM after the addition of dithiothreitol. To the best of our knowledge, this is the first report to show direct high-resolution imaging of the disassembly process of a large protein complex in real time.

Gold Price Movements: Common Wisdom and Myths

Gold has a unique status in the economic world: a precious metal with wide uses and the measure of economic power of nations and the cornerstone of international monetary regimes. It has provided an important store of wealth to diverse investors, from individual to institutions, for centuries. It is an asset class and the foundation of a modern portfolio. In recent years, the world witnessed an aggressive growth in gold price. The role of gold in investment has drawn more attention since this transformational economic crisis began to unfold in 2008. This paper is an attempt to understand the price movement of gold. Can we find support for some popular opinions about gold on finance media? For instance: is gold a safe haven, a negative-beta asset, or an inflation hedge? How should we think about gold: a commodity or a currency? This paper provides some thoughts on these questions.

Do Shining Precious Metals Overshadow Other Assets? Dynamic Spillovers Between Commodity and Currency Markets

In this study, we examine the dynamic link between returns and volatility of commodities and currency markets. In particular, based on weekly data on gold, silver, platinum, palladum, oil and the USD/EUR exchange rate over the period January 6, 1987 to July 22, 2014 we find the following empirical regularities. First, the static spillover analysis reveals that gold, silver and platinum are net transmitters of returns and volatility spillovers, while palladium, crude oil and USD/EUR exchange are net receivers of returns (volatility) spillovers. These results suggest that, the information contents of gold, silver and platinum can help improve forecast accuracy of returns (volatilities) on palladium, crude oil and currency returns (volatilities). Second, returns (volatilities) on gold are interestingly the largest gross transmitters of spillovers to the remaining assets in our model. Third, pairwise return (volatility) spillovers reveal relatively stronger bidirectional interdependences between gold and silver, and platinum and palladium. Fourth, the analysis of dynamic spillovers suggests that gold, silver and, to a lesser extent, platinum act as net transmitters of return (volatility) spillovers to palladium, crude oil and the USD/EUR exchange rate. Interestingly, the observed net transmission shows time- and event-specific patterns. For instance, for gold and silver (platinum) returns and volatility, it intensified (degraded) in the period marked by the global financial crisis. After the global financial crisis, the role of gold and silver (platinum) returns as net transmitters of shocks weakened (strengthened), while the role of gold, silver and platinum volatility as net transmitters of shocks remained relatively high. Overall, our findings reveal that, while the static analysis clearly classifies the aforementioned variables into net transmitters and net receivers, the dynamic analysis denotes episodes wherein the role of transmitters and receivers of return (volatility) spillovers can be interrupted or even reversed. Hence, even if certain commonalities prevail in each identified category of commodities, such commonalities are time- and event-dependent.