NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Golden Dilemma

Claude B. Erb, Campbell R. Harvey

NBER Working Paper No. 18706
Issued in January 2013

---- Acknowledgements -----

We appreciate the comments of Arjun Divecha, Steve Hanke, Jens Herdack, Raymond Kerzérho, Sandy Leeds, Anthony Morris, Tapio Pekkala, seminar participants at the Russell Academic Advisory Board, participants at the CFA seminars in Atlanta and Montreal as well as participants at the Man Summit meetings in Frankfurt, Vienna, Nurnberg and Munich.

---- Disclosure of Financial Relationships for Campbell R. Harvey -----

Campbell Harvey is associated with the Man Group, plc as their Investment Strategy Advisor. Some of Man's investment funds trade gold as part of diversified commodity portfolios. Professor Harvey does not offer to the Man Group any advice on gold investment and the Man Group were not involved in providing financial or other support for this independent research.

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