Challenging gold’s reputation as an inflation hedge

A new research paper titled The Golden Dilemma is challenging some long-held beliefs about gold and its utility as an inflation hedge and portfolio stabilizer. The co-authors, Duke finance professor Campbell Harvey and former TCW Group commodity trader Claude Erb, conclude that gold is a hedge against inflation historically, but not in the way most investors and advisers probably think. Professor Harvey joins the program to explain the paper’s findings. (08/2021)