Unveiling inter-market reactions to different asset classes/commodities pre- and post-COVID-19 : an exploratory qualitative study

Comprehending intermarket relationships among asset classes/commodities and the changing dynamics among the gold, bitcoin, and oil markets under high or low-volatility indexes is now imperative for investors. This paper presents a qualitative study to elicit expert views on the relationships between two major commodities (gold and oil) and bitcoin, specifically emphasizing the pre- and post-COVID-19 era. The thematic analysis of 30 finance experts revealed gold as a safe haven and portfolio diversifier; however, it has lost importance as an inflation hedge post-COVID-19 (2020-2022). Moreover, findings indicated that bitcoin was not a substitute for gold and that there was a positive correlation between gold and oil and the gold volatility index (VIX). Furthermore, there was a negative correlation between the oil VIX and the bitcoin VIX, with no correlation between the gold-bitcoin or oil-bitcoin nexus. These findings are pertinent for investors and scholars in the context of portfolio allocation/portfolio design that comprise these vital asset classes/commodities.