تحليل علاقة خوف المستثمرين بانهيار الأسواق المالية و التوجه نحو الملاذات الآمنة (جائحة كورونا- مؤشر يورو ستوكس 50- الذهب)‎

Abstract EN

This article aims to study the relationship of feelings of investor fear caused by Corona pandemic on the collapse of the EuroStoxx 50 index, as well as the trend towards gold as a safe haven.

And through a descriptive and analytical study of daily data, from January 2018 to May 2020, a strong inverse effect was reached between VIX and the trend of the euro zone index, and a positive effect between VIX and the trend towards gold.

This explains the effect of investor sentiments on the direction of financial markets, the acquisition of gold in order to hedge risk and preserve wealth.

The results can be traced back to several factors, the most important of which is the financial globalization, that caused the infection of financial collapses in the markets, as well as many vital sectors, such as industry and tourism, in addition to the collapse of oil prices, and the resulting fear and panic among investors, which caused a great shock in markets, and therefore, resort to low-risk, highly liquid assets, which are called safe havens, like gold, whose prices have gone up in the pandemic period, which explains the demand for this asset.