Gold – An Australian Perspective

Commissioned by Melbourne Mint

Dirk G. Baur

Associate Professor of Finance

University of Technology, Sydney

October 2013



This study examines the performance of gold from an Australian perspective, i.e. the price of gold in Australian dollars relative to Australian consumer prices, house prices, stocks, bonds and cash. The analysis is based on a discussion of the key properties of gold (store of value, portfolio diversifier, safe haven and alternative currency) and the fundamental drivers of gold derived from supply and demand. The empirical results demonstrate that gold provides a long-term hedge against inflation and a depreciating Australian dollar, is a portfolio diversifier, and has key characteristics of a safe haven and an alternative currency.


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