Advanced International Journal for Research

E-ISSN: 3048-7641   •   Impact Factor: 9.11

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Volume 6 Issue 6
November-December 2025

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The Resurgence of Hard Assets: An Empirical Examination of Gold and Silver's Strategic Role in Multi-Asset Portfolios (1990–2025)

Author(s) Dr. B Prathyusha
Country India
Abstract This paper empirically investigates the investment merits of gold and silver in the current global economic climate (circa 2025), utilizing a literature review spanning 1990 to the present. Applying econometric findings from generalized autoregressive conditional heteroskedasticity (GARCH) and vector error correction models (VECM) across the two decades, the analysis examines their distinct roles as safe-haven assets, inflation hedges, and portfolio diversifiers. The findings demonstrate that sustained macroeconomic shifts—including persistent systemic risk derived from ultra-accommodative monetary policy, negative real interest rates, and accelerated central bank accumulation linked to de-dollarization—create a profoundly favorable environment for both metals. While gold retains its structural superiority as a low-volatility, reliable wealth preserver and core inflation hedge, silver's unique industrial demand profile (driven particularly by green energy technologies) and high volatility position it for substantial outperformance in the latter stages of the precious metals bull cycle, especially given persistent supply deficits. Crucially, the analysis highlights the growing divergence between physical and paper markets, advocating for physical ownership to mitigate counterparty and systemic risk exposure.
Keywords Gold, Silver, Safe Haven, Hedging, Volatility, GARCH, Real Interest Rates, De-dollarization, Portfolio Diversification.
Field Business Administration
Published In Volume 6, Issue 6, November-December 2025
Published On 2025-11-11
DOI https://doi.org/10.63363/aijfr.2025.v06i06.1898
Short DOI https://doi.org/g998rm
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