TY - JOUR SN - 07328516 AU - Baur, Dirk G. AU - Lucey, Brian M. T1 - Is Gold a Hedge or a Safe Haven? An Analysis of Stocks, Bonds and Gold JF - Financial Review SP - 217 EP - 229 IS - 2 VL - 45 PY - 2010 AB - Is gold a hedge, defined as a security that is uncorrelated with stocks or bonds on average, or is it a safe haven, defined as a security that is uncorrelated with stocks and bonds in a market crash? We study constant and time-varying relations between U.S., U.K. and German stock and bond returns and gold returns to investigate gold as a hedge and a safe haven. We find that gold is a hedge against stocks on average and a safe haven in extreme stock market conditions. A portfolio analysis further shows that the safe haven property is short-lived. DO - 10.1111/j.1540-6288.2010.00244.x M4 - Citavi ER -