Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/329346 
Year of Publication: 
2025
Citation: 
[Journal:] Economies [ISSN:] 2227-7099 [Volume:] 13 [Issue:] 3 [Article No.:] 66 [Year:] 2025 [Pages:] 1-24
Publisher: 
MDPI, Basel
Abstract: 
Comprehending intermarket relationships among asset classes/commodities and the changing dynamics among the gold, bitcoin, and oil markets under high or low-volatility indexes is now imperative for investors. This paper presents a qualitative study to elicit expert views on the relationships between two major commodities (gold and oil) and bitcoin, specifically emphasizing the pre- and post-COVID-19 era. The thematic analysis of 30 finance experts revealed gold as a safe haven and portfolio diversifier; however, it has lost importance as an inflation hedge post-COVID-19 (2020-2022). Moreover, findings indicated that bitcoin was not a substitute for gold and that there was a positive correlation between gold and oil and the gold volatility index (VIX). Furthermore, there was a negative correlation between the oil VIX and the bitcoin VIX, with no correlation between the gold-bitcoin or oil-bitcoin nexus. These findings are pertinent for investors and scholars in the context of portfolio allocation/portfolio design that comprise these vital asset classes/commodities.
Subjects: 
intermarket relationships
asset classes
portfolio
pre- and post-COVID-19 era
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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