世界黄金协会报告：gold as a store of value,作者Stephen Harmston,目录如下：
CONTENTS
EXECUTIVE SUMMARY ..............................................................................3
THE AUTHOR ..............................................................................................4
INTRODUCTION..........................................................................................5
1 FIVE COUNTRIES, ONE TALE ..............................................................9
1.1 UNITED STATES: 1796 ¨C 1997..................................................10
1.2 BRITAIN: 1596 ¨C 1997................................................................14
1.3 FRANCE: 1820 ¨C 1997................................................................18
1.4 GERMANY: 1873 ¨C 1997 ............................................................21
1.5 JAPAN: 1880 ¨C 1997....................................................................24
2 THE RECENT GOLD PRICE IN RELATION TO HISTORIC LEVELS....28
2.1 THE AVERAGE PURCHASING POWER OF GOLD
OVER TIME ................................................................................28
2.2 DEMAND AND SUPPLY FUNDAMENTALS ............................31
3 TOTAL RETURNS ON ASSETS ..........................................................35
3.1 CUMULATIVE WEALTH INDICES: BONDS, STOCKS AND
GOLD IN THE US 1896-1996 ....................................................35
3.2 COMPARISONS WITH BRITAIN ..............................................38
3.3 LONG-TERM GOVERNMENT BONDS IN FRANCE ................40
3.4 TIMES OF CRISIS ......................................................................40
3.5 A MODEL OF HISTORICAL TRADING IN GOLD, BONDS
AND STOCKS ............................................................................41
4 GOLD AS A DIVERSIFIER....................................................................46
4.1 CORRELATION OF THE REAL RETURN ON ASSETS............46
4.2 PORTFOLIO ANALYSIS: THE BENEFITS OF
DIVERSIFICATION ....................................................................46
5 CONCLUSION ......................................................................................54
APPENDIX 1 PRICE INDICES ..............................................................56
APPENDIX 2 A COMPARISON WITH SILVER....................................61