On examining the literature, divergent and often contradictory information regarding the safe-haven and hedging abilities of GBCs in periods of crises, such as the COVID-19 pandemic, can be seen. Empirically, traditional physical gold has consistently been shown to be a hedge during market crises due to its consistently low correlation to risky financial assets like futures and equities. GBCs on the other hand have had a relatively high price volatility making them a questionable hedge.