@article {Shapiro19, author = {Robert K. Shapiro and Ric Thomas}, title = {Should Institutional Investors Own Gold?}, volume = {2}, number = {3}, pages = {19--27}, year = {2011}, doi = {10.3905/jii.2011.2.3.019}, publisher = {Institutional Investor Journals Umbrella}, abstract = {Institutional investors are not significant owners of gold. If gold effectively hedges inflation, then gold could merit consideration as a strategic allocation in a pension fund. This article evaluates gold{\textquoteright}s ability to hedge inflation and monetary policy and tests whether gold should receive a strategic allocation in a pension fund. The findings show that gold is a better inflation hedging tool than other commodities and that, even at a low level of expected return, gold receives a positive strategic allocation in a diversified plan.TOPICS: Other real assets, pension funds, portfolio construction}, issn = {2154-7238}, URL = {https://jii.pm-research.com/content/2/3/19}, eprint = {https://jii.pm-research.com/content/2/3/19.full.pdf}, journal = {The Journal of Beta Investment Strategies} }