Abstract
The role of precious metals as hedges and safe havens has been extensively studied across
various markets. However, no precious metals other than gold have been considered in a South African
setting. This study extends previous literature by making use of the methodology established by Baur
and Lucey (2010) to determine which of the four precious metals provides the most viable hedge and
safe haven in relation to the domestic stock and bond markets for South African investors? The results
suggest that all four precious metals have significant hedging properties in relation to domestic bond
market but not the stock market. It was also determined that while all four metals contain safe haven
properties, gold is the only precious metal to act as a significant safe haven against both South African
stocks and bonds.