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New Independent Research: Gold Is Crucial Diversification - Hedge Against Monetary and Systemic Risk

Tyler Durden's picture


From GoldCore

New Independent Research: Gold Is Crucial Diversification - Hedge Against Monetary and Systemic Risk

Gold is trading at USD 1,724.70, EUR 1,289.70, GBP 1,099.30, CHF 1,105.5, JPY 134,050 and AUD 1,679.4 per ounce.

Gold’s London AM fix this morning was USD 1731.00, GBP 1108.20, and EUR 1,289.96 per ounce.

Yesterday's AM fix was USD 1,720, GBP 1,098.76, and EUR 1,284.54 per ounce.

Gold in USD – 1 Year (100, 144 & 200 DMA)

Gold is marginally lower in most currencies today except for the euro and Swiss franc after seeing a 0.44% gain in dollar terms yesterday. Technically, gold is back above the 100 day moving average (see chart) which could result in some traders going long again.

It will be interesting to see if gold repeats its trading pattern from last year when it eked out very marginal gains in November and December prior to falling in the first month of 2011.

The price falls in January led to further cries that the gold “bubble” was bursting and indeed led some investors to nervously sell prior to the strong, steady gains seen from February through to August.

Equities have made tentative gains but investors remain cautious ahead of another European Union summit where hopes are again high that politicians find a way to resolve the Eurozone’s 2 year old debt crisis, prevent contagion and the end of the euro as it we know it today.

Cross Currency Rates 

Markets remains tentative after Standard & Poor's fired a second warning shot at the euro zone in 24 hours, threatening to cut the credit rating of its financial rescue fund. S&P said the EFSF may lose its AAA rating if any AAA euro zone country is downgraded.

The UK Prime Minister has increased nervousness about the summit. As the scale of the planned “fiscal union” became clear, including proposals for the EU to have “intrusive control” of national budgets, Cameron said that the UK will not sign a new European Union treaty unless certain safeguards are built in.

Cameron has threatened to veto the deal which is ostensibly to save the euro unless he wins safeguards for the UK with regard to national budgets, the City of London and the European single market. 

Commentary continues to suggest that gold's safe haven appeal has been tarnished in recent weeks. Similar commentary was seen in the aftermath of price falls in 2007, 2008, 2009, 2010 and now again in 2011.

Obviously, gold is often correlated with risk assets in the short term. Turmoil in financial markets squeeze funding and forces speculators and more short term investors to close profitable gold positions to cover losses elsewhere.

However, the same market turmoil and uncertainty leads less speculative market participants, investors and store of wealth buyers to buy physical bullion as a long term wealth preservation strategy which leads to gold’s inverse correlation with equities and bonds over the long term.

This lack of correlation with riskier paper assets has clearly been seen throughout history. It was graphically seen in the last decade, since the outset of the global financial crisis in 2007 and will be seen again this year and in the coming years.

New Independent Research Confirms Gold Crucial Diversification, Hedge Against Monetary and Systemic Risk

More excellent independent research was released yesterday confirming gold's unique role as a diversifier and foundation asset in the portfolios of investors, especially at a time of heightened currency and investment risk.

The independent research from highly respected New Frontier Advisors (NFA) confirms the importance of gold as a portfolio diversifier to investors in Europe and to investors exposed to the euro.

During a period of extraordinarily serious economic uncertainty in the Eurozone, continued concerns about economic growth in the US heading into an election year, and the possibility of an economic slowdown in China, the World Gold Council (WGC) wanted to examine the relevance of gold as a strategic asset for euro-based investors to protect their portfolios and to mitigate the systemic risks being faced.

Euro Versus G10 Currencies and Precious Metals (YTD)

The report, ‘Gold as a strategic asset for European investors’, commissioned by the World Gold Council, explores gold as a strategic asset across five sets of asset allocation studies, including four using historical data spanning 1986 to 2010, and one using the 1999 to 2010 time frame.

The third party research builds on the now considerable research and academic literature showing that gold adds significant diversifying power due to its low or negative correlation with most other assets in an investment portfolio.

Gold’s relevance as a strategic asset is continuing to grow. This will continue in a world facing the real risk of a global recession and even a Depression, poor investment returns, currency devaluations and wars and very high monetary and systemic risk. 

Put simply, when used as a foundation asset, gold has preserved wealth throughout history and again today. 

Gold’s unique properties will protect savers and investors in Europe and internationally against the monetary and systemic risks being faced in 2012 and in the coming years.

Chavez Announces Second Batch of Gold in Venezuela
Venezuelan President Hugo Chavez said that a second shipment of gold reserves being repatriated from banks in Europe and North America arrived today in Caracas. He spoke today during a press conference from the presidential palace without providing more details according to Bloomberg.

Venezuela’s central bank received the first shipment of gold on November 25 without providing details on the amount. Venezuela had 211 tons of gold reserves held abroad as of August.

Venezuelan President Hugo Chavez on Tuesday announced the arrival of the second batch of gold in the country, coinciding with the 13th anniversary of his first electoral victory according to Prensa Latina.

 "I was just informed that a second truck carrying gold passed by the Miraflores Palace," Chavez told international reporters.

The president said that there is nothing more exposed than keeping that auriferous resource in Europe and the United States. "I have nothing against Europe. I am just telling the truth," reiterated Chavez.

"How long will we keep that gold there? Who knows if a king or NATO (North Atlantic Treaty Organization) comes and issues an insane decree-law? That gold is ours," added the Venezuelan head of State.

The first shipment of gold, which was in European banks, was repatriated to Venezuela on November 25.

Last August, Chavez announced that he would bring back the 211.35 tons of gold that Venezuela had abroad, worth 11 billion dollars.

For breaking news and commentary on financial markets and gold, follow us on Twitter.

Silver is trading at $32.30/oz, €24.16/oz and £20.68/oz 

Platinum is trading at $1,511.70/oz, palladium at $671.02/oz and rhodium at $1,500/oz. 

Gold edges up on EU summit hopes 

Gold Advances as ETP Holdings Climb to Record, Euro Gains Before Summit

Gold moves sideways after two days of losses

(The Telegraph)
Eurozone debt crisis: Cameron threatens to veto EU treaty

(Financial Times)
Ireland: Warily on the Way Back

(World Gold Council)
Gold as a Strategic Asset for European Investors

(Commodity Online)
Ten Solid Reasons to Buy Gold Bullion Coins

(Seeking Alpha)
The Economic Case For Gold In Your Portfolio

Gold's Lead Over Stocks in 2011 Ranges from 26% to 49%

Zombification & Gold 

(Global Finance)

(The Telegraph)
S&P's fusillade is well-timed to warn Euroland


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Wed, 12/07/2011 - 10:40 | 1954615 LeBalance
LeBalance's picture

"new" ?


Wed, 12/07/2011 - 10:44 | 1954641 trav7777
trav7777's picture

Gold, bitchez...

though I'm liking Pt as a convergence trade, Pd if you like to think further outside the box (both are far rarer than gold)

Wed, 12/07/2011 - 10:58 | 1954715 theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

Sounds good. I'll tell you what'll really make you rich though...silver!

Wed, 12/07/2011 - 11:17 | 1954795 Oh regional Indian
Oh regional Indian's picture

You got that right Maxi, but sort of.

I think when the revaluation scenario is at hand (almost there), rich...poor....perhaps meaningless words.

There will be survivors and there will be Thrivers.

Thrive or Die, how about that for a motto?



Wed, 12/07/2011 - 11:45 | 1954870 DeadFred
DeadFred's picture

This is a prettty good place to insert my question. This morning a friend emailed that he has decided to start buying gold and wanted my advice on what form and the best place to buy it. I realized I didn't know. Silver is all I have. Physical stored at home is most likely although futures delivered and held somewhere else are possible. So what are your favorites, collectable coins, newer coins, bullion, mail order, brick and mortar store (in the Bay Area). I'm embarassed I've been on ZH as long as I have and I couldn't spout the answer off the top of my head.

Wed, 12/07/2011 - 11:54 | 1954903 The Deleuzian
The Deleuzian's picture

DeadFred...For any person new to the physical metals...The best advice is to get as much as you can with as little money as possible...Buy Krugs (1 oz)...and buy 1 oz. silver rounds...You can't do much better...Some people like junk silver...But buying Eagles or Maple's carry a high premium...

Wed, 12/07/2011 - 11:57 | 1954916 DoChenRollingBearing
DoChenRollingBearing's picture

@ DeadFred,

I have bought almost all of my gold in 1 oz American Gold Eagles.  All of those Eagles have been from various coinshops as I have moved around through the decades.  Eagles command a bit higher premium, but I like them because they are a bit more durable, stack nicely in those US Mint tubes and are easily recognized here in the USA.

Re the coin shops, look to buy either from the biggest one in your city or the oldest one.  Pay cash and don´t buy a whole lot at once if you want a minimal trail left behind you.  An ounce here and an ounce there, every week, will build a decent sized stack before long.   And you build a relationship with the coin shop, may come in handy someday.

Store it close at hand, and be creative!  Once I saw someone suggest storing it in the frozen spaghetti sauce in the freezer...

Wed, 12/07/2011 - 12:02 | 1954941 The Deleuzian
The Deleuzian's picture

Frozen spaghetti sauce in the freezer!!!  Awesome...........

Wed, 12/07/2011 - 17:30 | 1956325 trav7777
trav7777's picture

pawn shop...chains and rings, 14k minimum, preferably 18k.

If he wants bullion, any major coin from any major dealer.  CNI is probably a favorite.  22kt coins are scratchproof.  24kt aren't.  May pose a problem unloading Leafs as a LOT of dealers are discounting them for damage and some won't even deal with them anymore bc ppl they tried to sell them to complained that THIS IS DINGED UP.  And so they have issues moving inventory via mail order and just don't want the hassle.  Find whoever has the lowest spread

Wed, 12/07/2011 - 21:26 | 1956912 DeadFred
DeadFred's picture

Thanks all

Wed, 12/07/2011 - 11:01 | 1954733 fiddler_on_the_roof
fiddler_on_the_roof's picture

Platinum will go down priced in Gold. Platinums's rarity or usefulness is not going to help it compared to useless Gold.

Anyone short Platinum and long Gold will make money in my opinion.

Wed, 12/07/2011 - 17:31 | 1956332 trav7777
trav7777's picture

this may be true but would be contrary to most of history.  The GPR is a bit overbought right now

Wed, 12/07/2011 - 18:05 | 1956455 fiddler_on_the_roof
fiddler_on_the_roof's picture

We are making history.
One more contrarian play - buy Italian bonds

Wed, 12/07/2011 - 11:07 | 1954758 Pladizow
Pladizow's picture

Viva Chavez!

Wed, 12/07/2011 - 11:39 | 1954851 bernorange
bernorange's picture

Repatriating Venzuela's gold might be the smartest and best thing Chavez ever did for the country.

Wed, 12/07/2011 - 11:11 | 1954768 DoChenRollingBearing
DoChenRollingBearing's picture

@ trav,

I too like some Pt and Pd in my PM holdings.  Both are for optimists, in that they get used more as the world economy grows.

And it´s diversification, a concept of great importantance to me.

Wed, 12/07/2011 - 17:34 | 1956342 trav7777
trav7777's picture

Pt and Pd from my perspective are just flat fucking rare as hell, maybe 4-5% of gold's production and the russian stockpiles that buttressed world supply are nearly depleted.  There is ONE major Pt producing mine on the planet and only a couple of secondary ones.

Platinum cards, platinum this and that (just like phrases like "gold standard") speak to platinum's historically higher price than gold's.  From purely objective terms either Pt and Pd are way underpriced or gold is overpriced.

Wed, 12/07/2011 - 11:38 | 1954845 The Deleuzian
The Deleuzian's picture

Trav...The PGM's are good for a trade...A little tough to get coin shop boys to give top $ though...But then again...In 2005 Pt was double Au so maybe a 15-20/1 Au/Pt?

Wed, 12/07/2011 - 17:37 | 1956352 trav7777
trav7777's picture

yeah, spreads suck on Pt.  But ask yourself if the doomers are correct, are they going to seize this?

Pt is so astoundingly rare compared to gold that such a move would be utterly pointless.  Risk/reward.

Go out and bing annual Pt production and compare to gold.  Compare the proverbial all ever mined cubes.  Pt is a 19' cube.  You can visualize this by looking at a 2 story 20' townhouse, and just mentally chop off half its depth.  This is a ridiculously small amount

Wed, 12/07/2011 - 10:42 | 1954628 CvlDobd
CvlDobd's picture

Days like today aren't that fun. Stocks down and gold up makes the comments section not as animated.

I like it financially, just not from an American craving entertainment standpoint.


Wed, 12/07/2011 - 10:48 | 1954659 Hippocratic Oaf
Hippocratic Oaf's picture

Not as animated?

Just wait.

Wed, 12/07/2011 - 10:57 | 1954713 Sudden Debt
Sudden Debt's picture

He's waiting for the fireworks and groupactivities in the street ;)


Wed, 12/07/2011 - 11:25 | 1954819 Arthor Bearing
Arthor Bearing's picture

New Independent Research tells us something we've all known for four years, awesome

Wed, 12/07/2011 - 10:42 | 1954629 Iriestx
Iriestx's picture

LONG: PMs, canned food, bottled water, antibiotics, weapons & ammo.

Wed, 12/07/2011 - 10:55 | 1954703 DarkestPhoenix
DarkestPhoenix's picture

My biggest shortfall in my preps is the medical situation.  How can you get antibiotics without a prescription?  I have tons of meds I'd like to get....but can't.

Wed, 12/07/2011 - 11:12 | 1954777 DoChenRollingBearing
DoChenRollingBearing's picture

Find a different doctor...

Wed, 12/07/2011 - 11:22 | 1954812 Oh regional Indian
Oh regional Indian's picture

Research Hydrogen Peroxide.

You'll be set for life.

And spread the word. Google Healing with H2O2.

Good luck.


Wed, 12/07/2011 - 11:24 | 1954816 GubbermintWorker
GubbermintWorker's picture supply stores. There are antibiotics available for pets that can be used by humans.  Here's an antibiotic for fish that is a popular human antibiotic....cephalexin. Made in convenient 500mg caps too!

Wed, 12/07/2011 - 11:34 | 1954837 DosZap
DosZap's picture


Had a young Doberman that had a hell om a rash, would lose his hair,and when I took him to the vet,Cephalexin was what was prescribed.

A couple of years later, I got sick, or one of the fam, and got a Scrip...........same shit, 10x's the price.

Wed, 12/07/2011 - 12:56 | 1955171 sskid
sskid's picture

You can get antibiotics without a prescription on line.


google it

Wed, 12/07/2011 - 14:26 | 1955382 tion
tion's picture

Colloidal silver as an antibiotic ftw.  Bentonite clay and activated charcoal are also very handy to have around.  All of these can be used in various ways, both topically and internally.  Please consider learning more about them. Don't use silver in conjunction with the bentonite though, as the clay will just adsorb the silver.  Charcoal may not taste great, but it certainly helps get a bad hangover under control :)  IMO everyone should have activated charcoal on hand, just in case little Johnny gets into the cleaning chemicals and thinks that green juice looks tasty, or dear Charlie is 'winning' a bit too much at your next bash and ends up with a bad case of alcohol poisoning, or your wife Jane catches you in bed with the pool boy and swallows a couple bottles of pills...etc.


And as far as emergency medical care goes, it used to be back in the day that if you were at battle and encountered an injured soldier who was down and out, you peed on his wounds.  Not out of disrespect, but rather because urine is very effective at helping wounds heal, even gangrene - this was once common knowledge.  This may warrant down arrows from the closed minded, but those who take survival seriously should consider doing some research on urine therapy and it's uses, especially if you live in a disaster-prone area.    

Wed, 12/07/2011 - 17:09 | 1956232 akak
akak's picture

Not out of disrespect, but rather because urine is very effective at helping wounds heal, even gangrene - this was once common knowledge.

Well, it certainly seems to be common knowledge among all the banksters, at least --- I feel like I've been pissed on by them for years now.  But I don't think respect, or wound-healing, had much to do with it.

Wed, 12/07/2011 - 14:20 | 1955501 bbbilly1326
bbbilly1326's picture

Use colloidal silver can make it yourself.

Wed, 12/07/2011 - 10:46 | 1954654 GoodMorningMr.V...
GoodMorningMr.VanRumpoy...'s picture
This is New cutting edge Research? For once in my life I feel ahead of the curve.
Wed, 12/07/2011 - 10:46 | 1954655 San Diego Gold Bug
San Diego Gold Bug's picture

Imagine what would happen to the price if more than 1% of the sheeple were invested in gold!  Get it while you can.  And don't forget silver which will be hard to find when the price takes, found a cool new silver price site called  It will save me some money on my next order.

Very long ammo as well, just in case shtf.

Wed, 12/07/2011 - 10:47 | 1954657 flyonmywall
flyonmywall's picture

What Iriestx said. Short everything else cuz it's comin' down.

Wed, 12/07/2011 - 10:49 | 1954662 Crispy
Crispy's picture

NEWSFLASH - "The Beatles" broke up.



Wed, 12/07/2011 - 10:49 | 1954665 vegas
vegas's picture


Ya think? Only for the last 5,000 years or so.

Wed, 12/07/2011 - 10:51 | 1954682 prains
prains's picture

Gold also means you have to have a siege mentality. Build the walls high,place the drums of hot oil at the tops of the walls and cup your balls. God help you if you have to bug out ASAP, the relic can slow you down when faced with a dynamic front. ie. doesn't travel well.

Wed, 12/07/2011 - 11:00 | 1954724 Quinvarius
Quinvarius's picture

Gold means you aren't stupid enough to believe paper currency, whose ultimate demand is derived from debt payments that will never be made due to defaults, is going to ever trump real money.  People that hold gold are not winning.  Everyone else is losing. 

Wed, 12/07/2011 - 11:02 | 1954735 Fate
Fate's picture

That's why they have gold coin.  Portability.  You don't have to create Fort Knox, unless you prefer to keep lots of gold bars. 

Coins are easily concealed.

Wed, 12/07/2011 - 11:23 | 1954815 DosZap
DosZap's picture


God help you if you have to bug out ASAP, the relic can slow you down when faced with a dynamic front. ie. doesn't travel well.

Yeah, if you need help carrying out 3-5#'s of Au, you indeed need help.You got a lot more n that, you should already be SOMEHWERE ELSE.


Wed, 12/07/2011 - 10:53 | 1954690 High Plains Drifter
High Plains Drifter's picture

someone go tell bythe and jpm to take their foot off the brake already...........gads.....

Wed, 12/07/2011 - 10:57 | 1954711 Quinvarius
Quinvarius's picture

Eventually, the break releases on its own, and then extends 6 feet into the drivers seating area.

Wed, 12/07/2011 - 10:53 | 1954696 rambler6421
rambler6421's picture

Gold Bitchez!

Wed, 12/07/2011 - 10:57 | 1954708 PulauHantu29
PulauHantu29's picture

how Barbaric!

Wed, 12/07/2011 - 11:03 | 1954743 slewie the pi-rat
slewie the pi-rat's picture

goldcore strikes again!

Wed, 12/07/2011 - 11:05 | 1954750 Bansters-in-my-...
Bansters-in-my- feces's picture

So why is gold getting "bitch slapped" daily...? And anyone who says gold is in a bubble is full on fucktard. Do Central banks buy gold when it is in a bubble? And Kitcos gold lease rates chart shows the clear desperation for to get the bullion banks to lease gold for negative rates,like (Negative) -0.5679 % the fuckers just lease it and keep rolling the lease over.

Who the fuck leases gold? And for negative rates...WTF...?

Besides jewelers possibly a bit and Gold miners that need to meet demands of gold that  they sold,that  they did not have yet.(forward sales) i think thats called.

Wed, 12/07/2011 - 11:09 | 1954764 flp
flp's picture

While I agree with the importance of Gold as a hedge against disaster, it is also important to consider that when that disaster comes, its going to be liquidation time.  And Gold will get sold off along with everything else.  Sure it will come back, but its going to be a big hit first.

Wed, 12/07/2011 - 11:19 | 1954799 Quinvarius
Quinvarius's picture

Provide any historical evidence that has ever happened in any crisis.  You need to turn off the TV.  It simply doesn't happen that way.  It didn't happen in the thirties.  It didn't happen 2008-2011.  It never happened during any war.  And it sure never happened during any sovereign currency/debt collapse.  Gold is what people sell their other garbage off to get into.

Wed, 12/07/2011 - 11:30 | 1954831 DosZap
DosZap's picture


Everyones different,PM's should be the LAST thing sold if the SHTF.

The big hit, will just be followed by  a humongous return.Foolish to hold it at all if you plan on losing money on it.

The foolish part is to not have the essentials already covered so you do not have to DUMO PM's at bargain basement prices(that's what people did in '08, look how screwed they were.)

It's INSURANCE anyway.

Wed, 12/07/2011 - 12:02 | 1954940 DoChenRollingBearing
DoChenRollingBearing's picture

+ $55,000

flp, DosZap is completely correct.  Hold your gold as long as possible.  Buy some silver if you think you will need to spend during a SHTF.  Gold is for your children or grandchildren.  Think long-term.

Thu, 12/08/2011 - 07:16 | 1957736 flp
flp's picture

I agree, my gold is in the form of $20 gold coins that my grandfather bought who knows how long ago.  (Nicely locked in a safe)

But it did tank in 2008, just to come back stronger.  As I said in my last post it will fall but come back.  I will buy GLD when it tanks, or the miners when they tank.

Everything will come back.  Greed always comes back. That's why i'm 60% cash, waiting for the disaster.

Right now, I get my exposure to commodities (metals included) through managed futures (trend followers)

If it tanks they make money, if it goes up they will make money.

Sure they did not perform well this year because between the constant risk on / risk off due to politicians doing who knows what, the market is trendless.

Wed, 12/07/2011 - 11:14 | 1954767 Bansters-in-my-...
Bansters-in-my- feces's picture

Golds safe haven appeal has been tarnished because the Fucking PigDog Manipulators have been exposed and still the sheeple allow the manipulation. Buildings should be torn to the ground,and politicians swinging on ropes.

Gets a little annoying when you know the fucking criminals run the system.

Where do I start...?

Wed, 12/07/2011 - 11:21 | 1954810 Dr. Gonzo
Dr. Gonzo's picture

New independant studies have indeed shown gold to last longer than paper but I'm still skeptical. I'm waiting for more data. In the meantime there is important research being conducted on the temperature of fire. Apparently it's hot.

Wed, 12/07/2011 - 11:32 | 1954832 tekhneek
tekhneek's picture

News to me. What's next? Ice is freezing?

Oh well... we all know gold isn't backed by anything.

Wed, 12/07/2011 - 12:03 | 1954946 DoChenRollingBearing
DoChenRollingBearing's picture

But, but it only costs $5.00 to dig it out of the ground!  Wait...  Oh, that´s silver.  Sorry.  Never mind.

Wed, 12/07/2011 - 17:13 | 1956254 akak
akak's picture



.... only five dollars to dig from the ground ....

.... only five dollars to dig from the ground ....

.... only five dollars to dig from the ground ....

.... only five dollars to dig from the ground ....

.... only five dollars to dig from the ground ....

.... only five dollars to dig from the ground ....

.... only five dollars to dig from the ground ....

.... only five dollars to dig from the ground ....

.... must .... eat .... human .... brains ....

Wed, 12/07/2011 - 11:46 | 1954872 bentaxle
bentaxle's picture

Long Gold, bottled water, canned food...........Lidocaine? (You never know!)

Wed, 12/07/2011 - 12:17 | 1954999 evo
evo's picture

An 'independent' report on gold as an investment commissioned by the... World Gold Council.


It's like Enron and Arthur Anderson commissioning an independent report on liberalised accounting practices.


I'm a fan of gold but isn't this the type of ridiculous conflict of interest that Zero Hedge is meant to parody?  Back when Zero Hedge started there used to be useful debate in the comments section, now it's just 'gold bitchez'.  Oh well.


Wed, 12/07/2011 - 12:49 | 1955135 ParkAveFlasher
ParkAveFlasher's picture

IMO "gold bitchez" sums it up quite nicely. 

Wed, 12/07/2011 - 13:28 | 1955331 gnomon
gnomon's picture

You better have fiat to burn to protect your pms from the government.  They will impose outrageous taxes to probe for the good stuff.  Expect to lose, but you will lose much less than the losers still taking the blue pills.

Wed, 12/07/2011 - 15:27 | 1955741 eclecticskeptic
eclecticskeptic's picture

A bag of junk dimes... they may be spendable if bad things happen (not REALLY bad... REALLY bad you're a goner anyhow) And, maybe a tube of 1/10 oz gold coins for the same reasons, you may have a problem getting change for an Eagle.

"Even a five-year-old could understand this... someone send out for a five-year-old"   .. Groucho Marx

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