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Gold's Value as an Investment

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NBER2023-06-01 更新2025-01-04 收录
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For investors, gold is an asset without a yield that is attractive in times of low and negative real interest rates. Gold also has an embedded put option because investors can sell it to those who value its use as jewelry or as a productive input. This paper presents an approach for pricing gold

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2023-06-01
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