9. Based on the excel Data, Answer the following questions in writing.

a. Is portfolio invested 100% in gold efficient? Why yes or why not?

b. What proportion of the funds need to be invested in individual assets to obtain minimum variance portfolio? What is the average return of the minimum variance portfolio?

c. What proportion of the funds need to be invested in individual assets to obtain a portfolio that has a standard deviation 5% higher than the minimum variance portfolio? What is the average return of such portfolio?

d. Is gold a part of the minimum variance portfolio? Why do you think this is the case?

e. How does the proportion invested in bonds change when the volatility of the portfolio increases? Why do you think this is the case?