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Updated: Aug 16, 2025

Gold Nanoparticle Synthesis
Published on: July 10, 2021
Gold or Bitcoin, which is the safe haven during the COVID-19 pandemic?
Fenghua Wen1,2, Xi Tong1, Xiaohang Ren1
1School of Business, Central South University, Changsha, Hunan 410083, China.
Abstract:
This study compares the dynamic spillover effects of gold and Bitcoin prices on the oil and stock market during the COVID-19 pandemic via time-varying parameter vector autoregression. Both time-varying and time-point results indicate that gold is a safe haven for oil and stock markets during the COVID-19 pandemic. However, unlike gold, Bitcoin's response is the opposite, rejecting the safe haven property. Further analysis shows that the safe-haven effects of gold on the stock market become stronger when the pandemic critically spreads.
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