Precious Metal Prices: A Tale of Four U.S. Recessions

Pablo Agnese, Pedro Garcia-del-Barrio, Luis Gil-Alana and Fernando Perez de Gracia
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Fernando Perez de Gracia: University of Navarra

No 16012, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: This paper empirically examines the degree of persistence in four precious metal prices (i.e., gold, palladium, platinum, and silver) during the last four U.S. recessions. Unit root tests and fractional integration techniques suggest that gold still is the most prominent safe haven asset within this particular asset class. Our analysis highlights gold's traditional role as a hedge against market uncertainty in post-pandemic new era, thus retaining its status quo as a store of value during economic contractions.

Keywords: precious metal prices; U.S. recessions; persistence; COVID-19 (search for similar items in EconPapers)
JEL-codes: F10 G10 G11 G15 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2023-03
New Economics Papers: this item is included in nep-his
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Published - published in: Studies in Economics and Finance, 2024, 41 (5), 1012-1022

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Journal Article: Precious metal prices: a tale of four US recessions (2024)
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