摘要：Gold is a unique asset,highly liquid,but scarce and limited.It is a luxury good and can be considered an investment opportunity.Gold is an asset which does not carry counterparty risk – there is no associated credit risk.Due to these characteristics,gold represents a significant asset,and has a fundamental role in investment portfolios.These circumstances increase the interests of investors to include gold in investment portfolios,especially during times of financial crisis.If an investor decides to include gold in investment portfolio,it is necessary to evaluate the portion of gold in the portfolio considering risk aspect,return and diversification.In this research,a hypothesis was tested and confirmed that gold offers good diversification for the investment portfolio,which implies that gold is a desirable asset in the investment portfolio.This research is focused on developing an optimal portfolio that combines the Eurozone bond index with the investment grade rating from 1 to 10 years (EG05),the stock index Euro Stoxx50 and gold using the Markowitz methodology.The result showed that optimal portfolio should include gold with a share between 1% to 9%,depending on the risk that the investor is willing to accept.
其他摘要：Zlato je jedinstven vid imovine,velike vrednosti,ali,u isto vreme,vid kojeg nema dovoljno na raspolaganju.U pitanju je imovina luksuzne prirode,koja se može smatrati sjajnom prilikom za ulaganje.Takođe,zlato je imovina koja ne nosi rizik druge strane – odnosno,ne uključuje povezani kreditni rizik.Upravo zbog ovih osobina,zlato predstavlja značajan oblik imovine i ima izuzetno važnu ulogu u portfolio investicijama.Navedene okolnosti uvećavaju interese ulagača da uvrste zlato u portfolio investicije,posebno tokom perioda finansijskih kriza.Ukoliko ulagač odluči da to učini,neophodno je proceniti udeo zlata u portfoliju,uzimajući u obzir apskte rizika,povraćaja i diversifikacije.U ovom radu,testirana je,i potvrđena hipoteza na osnovu koje zlato omogućava diversifikaciju za portfolio investicije,što implicira da je zlato poželjan oblik imovine u ovom kontekstu.Istraživanje se fokusiralo na razvoj optimalnog portfolija,koji kombinuje indeks obveznica Evrozone sa investicionim rejtingom 1-10 godina (EG 05),indeks Euro Stoxx 50 i zlato,uz upotrebu metodologije autora Markowitz.Rezultati su pokazali da optimalan portfolio treba da uključuje zlato sa udelom 1-9%,u zavisnosti od rizika koji je ulagač spreman da prihvati.
