Why is Gold Different from All other Assets? Theory and Some Empirical Observations.

Colin Lawrence is Visiting Professor of Risk Management, Cass Business School, City University and Managing Partner LA Risk& Financial, a capital markets advisory firm in London, (http://www.icmacentre.rdg.ac.uk/nav2/www.lariskfin.com). He has over 20 years financial services experience, focusing on risk management, arbitrage and capital markets. He has held senior executive positions in major institutions including: Executive Vice President and Global Head of Financial Products, Republic National Bank, NY; Chairman of Republic National Bank NY Securities UK Ltd; Managing Director and Global Head of Risk Management, The Barclays Group; Managing Director and Global Head of Fixed Income Derivatives, UBS. He was formally Associate Professor of Money and Financial Markets, Graduate School of Business, Columbia University, New York. His advisory firm has been active advising major universal and investment banks and building Societies as well as regulators and central banks.