Table 4- Main Estimation Results
|
Variables |
Gold |
Silver |
Platinum |
Palladium |
|
S&P 500 |
.42 (.79) |
1.20 (.31) |
1.65 (.16) |
2.90 (.02) |
|
S&P 500 DivY |
.76 (.55) |
.32 (.86) |
.89 (.47) |
2.53 (.04) |
|
W ex US |
.59 (.67) |
.70 (.59) |
1.62(.17) |
.78 (.54) |
|
W ex US DivY |
1.73 (.14) |
1.39(.24) |
1.66 (.16) |
1.67 (.16) |
|
Term Prem |
2.88 (.02) |
1.15(.33) |
1.09 (.36) |
1.78 (.13) |
|
M2 |
2.44 (.04) |
.67 (.61) |
.98 (.42) |
2.48 (.04) |
|
Ind Prod |
.60 (.66) |
1.00(.41) |
1.23(.30) |
.56 (.69) |
|
Inflation |
.73 (.56) |
1.42(.23) |
.77(.54) |
.64(.63) |
|
Dollar |
1.88(.11) |
.43 (.78) |
.09 (.98) |
.54 (.70) |
|
Cons Conf |
.19(.94) |
.59 (.67) |
.33 (.85) |
1.70 (.15) |
|
Gold Volatility |
15.73(.00) |
2.89 (.02) |
4.75 (.00) |
3.78 (.00) |
|
Silver Volatility |
2.87 (.02) |
8.86 (.00) |
1.76 (.14) |
.98 (.42) |
|
Plat Volatility |
.85 (.49) |
.83 (.50) |
5.44 (.00) |
1.64 (.16) |
|
Palla Volatility |
.69 (.60) |
.17 (.95) |
4.82 (.00) |
10.57 (.00) |
|
R-sq |
.5353 |
.4496 |
.5469 |
.6778 |
|
Adj R-sq |
.3707 |
.2546 |
.3863 |
.5635 |
21