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Gold Return Attribution Model
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Gold Return Attribution Model (GRAM)
Gold prices are determined by a system of long and shortterm drivers that impact both supply and demand. In the long term, wealth and income play a critical role; institutions and individuals allocate to gold and consumers spend part of their income and wealth on jewellery and technologies that incorporate gold.
Designed to simplify the historical analysis of gold price drivers, our Gold Return Attribution Model (GRAM) helps investors to:
- Quantify how each of gold's top drivers contribute to its monthly or weekly price performance.
- Examine how the relationship between gold and its drivers shifts over time.
- Identify periods where existing drivers do not fully explain gold's returns - indicating possible one-off circumstances, evolving dynamics or new effects.
Gold Drivers
Key global economic elements that have a traceable impact on gold’s performance. Some of the examples you’ll see on GRAM include:
- Economic Expansion
- Risk & Uncertainty
- Opportunity Cost (FX)
- Opportunity Cost (Interest Rates)
- Momentum & Trends
