Open AccessPERAN EMAS SEBAGAI SAFE HAVEN BAGI SAHAM PERTAMBANGAN DI INDONESIA PADA PERIODE PANDEMI COVID-19
Author(s) -
Ashalia Fitri Yuliana,
Robiyanto Robiyanto
Publication year - 2021
Publication title -
jurnal ilmiah bisnis dan ekonomi asia
Language(s) - English
Resource type - Journals
eISSN - 2620-875X
pISSN - 0126-1258
DOI - 10.32815/jibeka.v15i1.217
Subject(s) - safe haven , hedge , indonesian , business , stock market , stock exchange , closing (real estate) , index (typography) , monetary economics , economics , financial system , finance , financial economics , geography , ecology , linguistics , philosophy , context (archaeology) , archaeology , world wide web , computer science , biology
The purpose of this study is to analyze the role of gold as safe haven or hedge for mining stocks in Indonesia during the COVID-19 pandemic period. The data used in this study are mining stock index data (JASICA) daily closing on the Indonesia Stock Exchange and daily closing gold price data on the international market during the period January 2020 - May 2020. Data analysis was performed using QREG to see the potential of gold as a safe haven and GARCH 1.1 to see the potential of gold as a hedge. The results of this study are gold can serve as a robust safe haven for Indonesian mining stocks when there is extreme shocks occur in the stock market. In addition, in this study gold also can serve as a hedge for mining stocks in Indonesia. So investors are advised when the Indonesian Capital Market conditions are experiencing uncertainty as it is today and investors want to move their assets into safe and liquid instruments, gold is the first choice for investors to secure their assets because gold is proven to be the safe haven.