Table 6- Subperiod Analysis: Second Half of Sample
|
Variables |
Gold |
Silver |
Platinum |
Palladium |
|
S&P 500 |
.15 (.96) |
.64 (.63) |
.41 (.80) |
.50 (.73) |
|
S&P 500 DivY |
.99 (.42) |
1.26(.30) |
1.94(.12) |
.33 (.85) |
|
W ex US |
.37 (.82) |
1.32(.28) |
.98(.42) |
.36(.83) |
|
W ex US DivY |
.82 (.52) |
1.15(.34) |
1.25 (.30) |
1.07(.38) |
|
Term Prem |
1.36 (.26) |
2.10(.09) |
2.49 (.06) |
.28 (.89) |
|
M2 |
.47 (.75) |
1.35(.26) |
.95 (.44) |
.82(.51) |
|
Ind Prod |
.35 (.84) |
1.27(.29) |
.86(.49) |
.29(.87) |
|
Inflation |
.48 (.74) |
1.08(.37) |
1.25(.30) |
.14(.96) |
|
Dollar |
.25(.90) |
1.27(.29) |
.85 (.50) |
.36 (.83) |
|
Cons Conf |
.53(.71) |
1.73(.16) |
.45 (.76) |
.37 (.83) |
|
Gold Volatility |
3.28(.00) |
1.86 (.13) |
2.23 (.08) |
.42 (.79) |
|
Silver Volatility |
1.02 (.41) |
.16 (.95) |
.68 (.60) |
.17 (.95) |
|
Plat Volatility |
.98 (.43) |
.98 (.42) |
5.28 (.00) |
.49 (.73) |
|
Palla Volatility |
.16 (.95) |
1.61(.19) |
.78 (.54) |
.81(.52) |
|
R-sq |
.7030 |
.7630 |
.8079 |
.7233 |
|
Adj R-sq |
.2536 |
.4042 |
.5172 |
.3046 |
23