Abstract

This article examines valuable assets and stock performance as a hedge during three financial market crises: the Global Financial Crisis (GFC) in 2008, the COVID-19 pandemic, and the Russia–Ukraine Conflict in 2022. It also identifies the volatility that exists in the relationship between stock market indexes and precious assets, employing four techniques to test the hedging properties of all assets and stocks based on daily data from January 1990
to May 2022. The results show that only two assets maintained their value during all three financial crises—and confirm that adding both silver and gold to a portfolio mixed with stocks decreases the volatility of the portfolio while increasing its return.