摘要：We examine the impact of positive versus negative macroeconomic news surprises, originating from large developed
economies, on the returns and volatility of gold and Bitcoin prices over the period July 19, 2010 – February 7, 2017.
We find an asymmetric impact and evidence that gold is different from Bitcoin. Specifically, gold returns and volatility
systematically react to macroeconomic news surprises in a manner consistent with its traditional role as a safe-haven,
whereas Bitcoin prices and volatility do not mostly react in a similar manner. Our results are useful for investment
decision-making.
