[ABSTRAK
Tesis ini meneliti tentang peranan emas sebagai aset yang diminati banyak orangsebagai aset lindung (hedge) dan aset aman (safe haven) di Indonesia. Penelitian iniakan megukur potensi emas sebagai aset lindung dan aset aman terhadap pasarmodal dan inflasi di Indonsia. Pendekatan metode menggunakan 3 buah metodeyang digunakan untuk mengukur potensi dari sebuah aset baik sebagai aset lindungnilai ataupun sebagai aset aman yang disimpan ketika periode ekonomi buruk.Pendekatan pertama berdasarkan pada Fischer equation dan co-integration.Pendekatan kedua berdasarkan binary dependant variable model. Dan pendekatanketiga menggunakan quantile regression dan dummy variable. Hasil yang diperolehemas tidak bisa menjadi aset lindung nilai terhadap inflasi dalam jangka pendeknamun bisa menjadi aset lindung nilai dalam jangka panjang. Emas tidak bisamenjadi aset lindung nilai terhadap saham bagi untuk jangka pendek maupunpanjang. Emas bisa menjadi aset aman terhadap saham, namun tidak demikian jikadihadapkan dengan inflasi.

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ABSTRACT
This thesis study about gold as an asset that favorited by many people as ahedge asset and also safe haven asset in Indonesia. This thesis will mesasure goldas a hedge asset and safe haven asset against inflation and stock market. This thesisuse three methods to calculate hedge or safe haven asset when the economy getdepressed. First method is based on Fischer Equation and Co-Integration, secondmethod using binary dependant variable model, and the third method use quantileregression and dummy variable. The result is gold cant hedge againt inflation in theshort term but can hedge partially in the long term. Gold can?t hedge against stockfor short term and long term. Gold can act as a safe haven against stock, but not forinflation.;This thesis study about gold as an asset that favorited by many people as ahedge asset and also safe haven asset in Indonesia. This thesis will mesasure goldas a hedge asset and safe haven asset against inflation and stock market. This thesisuse three methods to calculate hedge or safe haven asset when the economy getdepressed. First method is based on Fischer Equation and Co-Integration, secondmethod using binary dependant variable model, and the third method use quantileregression and dummy variable. The result is gold cant hedge againt inflation in theshort term but can hedge partially in the long term. Gold can’t hedge against stockfor short term and long term. Gold can act as a safe haven against stock, but not forinflation., This thesis study about gold as an asset that favorited by many people as ahedge asset and also safe haven asset in Indonesia. This thesis will mesasure goldas a hedge asset and safe haven asset against inflation and stock market. This thesisuse three methods to calculate hedge or safe haven asset when the economy getdepressed. First method is based on Fischer Equation and Co-Integration, secondmethod using binary dependant variable model, and the third method use quantileregression and dummy variable. The result is gold cant hedge againt inflation in theshort term but can hedge partially in the long term. Gold can’t hedge against stockfor short term and long term. Gold can act as a safe haven against stock, but not forinflation.]