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Revisiting precious metal mining stocks and precious metals as hedge, diversifiers and safe-havens: a multidimensional scaling and wavelet quantile correlation perspective

Author

Listed:
  • Zubair Ahmad Parrey

    (Shri Mata Vaishno Devi University)

  • Arif Billah Dar

    (Shri Mata Vaishno Devi University)

  • Manas Paul

    (Institute of Management Technology)

Abstract

We test whether precious metals and their mining stock counterparts are hedges, diversifiers or safe-havens against equity markets. We resort to multidimensional scaling and wavelet-based quantile correlation method to examine the association between precious metals, indices of precious metal mining stocks and equity market over both quantiles and frequencies. Our results indicate that the white precious metals and the mining stocks of gold and silver are potential diversifier assets. We also find that gold maintains the exclusivity of being both hedge and safe-haven against equity market. The results drawn have important implications for investors and managers operating at different time horizons in the equity market.

Suggested Citation

  • Zubair Ahmad Parrey & Arif Billah Dar & Manas Paul, 2025. "Revisiting precious metal mining stocks and precious metals as hedge, diversifiers and safe-havens: a multidimensional scaling and wavelet quantile correlation perspective," Empirical Economics, Springer, vol. 68(2), pages 511-533, February.
    • Handle: RePEc:spr:empeco:v:68:y:2025:i:2:d:10.1007_s00181-024-02659-z
    DOI: 10.1007/s00181-024-02659-z
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    Keywords

    Wavelet quantile correlation; Gold mining stock; Silver mining stock; Multidimensional scaling; Gold; Platinum;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General

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