问题
单项选择题
Which of the following statements is generally not true regarding an investment in gold（）
A. Gold has typically experienced a low correlation with stock markets.
B. Gold has normally high liquidity.
C. Gold traditionally has provided a high expected return.
答案
参考答案：C
解析：
Gold has a lower (not high ) expected return because of its low or negative beta (as per CAPM). For this reason, investors will invest in gold if its benefits (risk reduction, etc) outweigh its ’losses’ in the form of lower expected returns.