Table 5- Subperiod Analysis: First Half of Sample
|
Variables |
Gold |
Silver |
Platinum |
Palladium |
|
S&P 500 |
1.43(.24) |
.94 (.45) |
2.77 (.04) |
2.33 (.07) |
|
S&P 500 DivY |
.46 (.76) |
.79 (.53) |
4.01(.00) |
2.55 (.05) |
|
W ex US |
.95 (.44) |
.45 (.76) |
.27(.89) |
1.61(.19) |
|
W ex US DivY |
1.41 (.25) |
1.31(.28) |
.31 (.86) |
3.19 (.02) |
|
Term Prem |
1.07 (.38) |
.37(.82) |
1.69 (.17) |
.90 (.47) |
|
M2 |
.36 (.87) |
1.16(.34) |
1.43(.24) |
.91 (.46) |
|
Ind Prod |
.62 (.65) |
.59(.67) |
1.05(.39) |
1.03(.40) |
|
Inflation |
1.70(.17) |
.25(.90) |
.73(.57) |
.76(.56) |
|
Dollar |
2.81(.04) |
1.04(.39) |
.08 (.98) |
1.20(.32) |
|
Cons Conf |
2.09(.10) |
.98 (.43) |
1.65(.18) |
.39 (.81) |
|
Gold Volatility |
1.64(.18) |
1.35 (.27) |
.29 (.87) |
.24 (.91) |
|
Silver Volatility |
1.49 (.22) |
1.09 (.37) |
2.09 (.10) |
.25(.90) |
|
Plat Volatility |
1.22(.32) |
3.50(.01) |
8.72 (.00) |
1.97 (.12) |
|
Palla Volatility |
.75 (.56) |
1.22(.31) |
1.20 (.32) |
4.64(.00) |
|
R-sq |
.7182 |
.6509 |
.8707 |
.7960 |
|
Adj R-sq |
.2674 |
.0923 |
.6639 |
.4697 |
22