Raymond E. Lombra, Phd. is a professor of Economics and Dean for Research, Graduate Studies and College of Advancement at Penn State University. Professor Lombra has authored, co-authored and contributed to numerous economic and financial books, publications and periodicals. Professor Lombra is a consultant to the House Banking Committee of the U.S. Congress, the Federal Reserve System, the Congressional Budget Office, the Joint Economic Committee, Prudential Bache, Morgan Stanley – Dean Witter, the International Monetary Fund and the U.S. Treasury. Dr. Lombra conducted an independent study during the period of January 1979 through December 2011.
The results were astonishing, over the last 33 years, high quality coins and stocks had the highest average annual returns. And at the same time, the annual returns on stocks, gold and coins were the most volatile.