Revisiting precious metal mining stocks and precious metals as hedge, diversifiers and safe-havens: a multidimensional scaling and wavelet quantile correlation perspective

Zubair Ahmad Parrey (), Arif Billah Dar () and Manas Paul ()
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Zubair Ahmad Parrey: Shri Mata Vaishno Devi University
Arif Billah Dar: Shri Mata Vaishno Devi University
Manas Paul: Institute of Management Technology

Empirical Economics, 2025, vol. 68, issue 2, No 2, 533 pages

Abstract: Abstract We test whether precious metals and their mining stock counterparts are hedges, diversifiers or safe-havens against equity markets. We resort to multidimensional scaling and wavelet-based quantile correlation method to examine the association between precious metals, indices of precious metal mining stocks and equity market over both quantiles and frequencies. Our results indicate that the white precious metals and the mining stocks of gold and silver are potential diversifier assets. We also find that gold maintains the exclusivity of being both hedge and safe-haven against equity market. The results drawn have important implications for investors and managers operating at different time horizons in the equity market.

Keywords: Wavelet quantile correlation; Gold mining stock; Silver mining stock; Multidimensional scaling; Gold; Platinum (search for similar items in EconPapers)
JEL-codes: C14 G10 G11 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s00181-024-02659-z

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