世界白银协会：2022年白银在全球多元资产组合中的相关性报告（英文版）

Portfolio diversification aims to reduce the overall impact of risk when investing. Silver is often overlooked in these asset allocation decisions in favour of gold, however, despite having its own unique return characteristics. This study examines whether silver should be viewed as a distinct asset class that warrants a strategic investment allocation within an efficient multi-asset portfolio. We find that the optimal allocation to silver is significantly higher than holdings in most institu