This paper examines the role that gold and other precious metals play in portfolio construction as hedges and safe havens in comparison with the Volatility Index (VIX), a derivative of market volatility. Gold has long been considered to be among the best assets for reducing portfolio volatility due to its lack of correlation with the overall market. However, the major finding of this paper is that while gold and the other precious metals do serve in this role to varying extents, the VIX performs this function far better. Both econometric and portfolio analyses reveal that the VIX improves overall portfolio performance to a greater extent, and most importantly serves as an effective safe haven relative to the market.

Thesis (M.A.)--University of Central Florida, 2009. / Adviser: Spencer Downing. Includes bibliographical references (p. 97-100).

Thesis (M.A.)--University of North Texas, 2001. / Includes bibliographical references (p. 61-63).

Thesis (M.C.S.)--Regent College, 1987. / Abstract. Vita. Includes bibliographical references (leaves [136]-141).

Thesis (M.C.S.)--Regent College, 1987. / Abstract. Vita. Includes bibliographical references (leaves [136]-141).

Thesis (D. Min.)--Gordon-Conwell Theological Seminary, 2006. / Includes bibliographical references.

Thesis (D.W.S.)--Robert E. Webber Institute for Worship Studies, 2008. / Abstract. Includes bibliographical references (leaves 99-105).

Thesis (M. Phil.)--University of Hong Kong, 1996. / Includes bibliographical references (leaf 134-153).

Bitcoin is an asset that demonstrated a high increase in price since it was launched in 2009, meanwhile it has been a very volatile and risky asset. Previous research has indicated that an allocation of bitcoin in investor’s portfolio could increase return as well as risk adjusted return. Furthermore, bitcoin has been observed to be uncorrelated to many markets; creating diversification opportunities and in some instances acted as a hedge against various stock markets. Due to the similarities between bitcoin and gold they have often been compared as alternative investment assets. Therefore, it is of interest for investors to understand if bitcoin could be included into a stock-portfolio in the Swedish market to increase risk adjusted returns and if bitcoin is a better alternative investment, than gold. Furthermore, if bitcoin could be used as hedge against the Swedish stock market. Three different portfolios with bitcoin were created, 1% bitcoin, 4% bitcoin and 8% bitcoin, the rest of the portfolio constitutes of Stockholm gross-index (OMXSGI). The portfolios are compared to OMXSGI and similar portfolios involving gold and OMXSGI. The portfolios are created for four different periods: 2011- 2021, 2016-2021, the bear market during the pandemic and the year 2020. Results reveals that during normal market behavior an 8% allocation of bitcoin and OMXSGI generates the highest Sharpe ratio. Also, that a small allocation of bitcoin can generate higher returns to lower risk then OMXSGI. During normal market behavior portfolio with bitcoin performs higher returns and Sharp ratio than portfolios with gold but to a higher risk. Additionally, bitcoin is not correlated to the Swedish market and implies that it possibly may be used as a hedge during normal market behavior. During the corona bear market bitcoin has a high correlation to OMXSGI and has a similar negative return but to a higher volatility. Meanwhile gold act as a safe haven during turbulent market behavior. To conclude during normal market times bitcoin creates opportunities for investors to include bitcoin to the portfolio. High allocations of 8% bitcoin might be too much risk for risk averse investors. During the corona bear market bitcoin portfolios generates worse returns to a higher risk and gold is a better asset to hold. Bitcoin and cryptocurrencies are assets which have some unique risks that cannot be measured by the Sharp ratio. Thus limit the results and analysis of the study.

Near Logan, Utah, the Fish Haven Formation is a thick-bedded, dark-gray dolostone. The Laketown Formation, which rests on the Fish Haven, is a less resistant, medium-gray dolostone. The Ordovician-Silurian boundary has been placed locally at the top of the Fish Haven by stratigraphers, and in the lower Laketown Formation by paleontologists. Four sections of the Fish Haven and Laketown dolostones were measured near Logan, Utah. The samples from these four sections were examined using petrography, insoluble residue analyses, x- ray diffraction, quantitative and qualitative x-ray fluorescence spectroscopy, and statistical analysis. Petrography appears to be the best lab technique for distinguishing the two dolostones. This technique shows the grain size decreases in going from the Fish Haven Formation to the Laketown Formation. This decrease in grain size is also seen in the field. All other laboratory techniques show that the two dolostones are very similar and cannot, in general, be distinguished. To summarize, the percent insoluble residue and the percent of quartz and illite found in each formation are independent of formational boundaries. X-ray diffraction, X-ray fluorescence spectroscopy, and statistical analysis all show that the two formations are geochemically similar. A comparison of dolostones shows that they may, in general, be divided into two categories of pure and impure. The Fe2O3 content of pure dolostones may be less than the Fe2O3 content of impure dolostones. Other than the change in Fe2O3 content dolostones tend to be the same geochemically. This suggests that the process of dolomitization tends to obliterate any differences which may have originally existed and make all dolostones essentially uniform in composition.