The Golden Dilemma
研究了黄金在多元化投资组合中的作用，检验了“黄金是通胀对冲工具”等流行说法，指出投资者面临历史高价与新兴市场需求可能推高金价的两难困境。
Although gold has been around for thousands of years, its role in diversified portfolios is not well understood. The authors critically examined such popular stories as “gold is an inflation hedge.” Investors face the following dilemma: The real price of gold is historically very high and may revert to the mean, but if prominent emerging markets increase their gold holdings, the real price of gold may rise even further from today’s elevated levels.