Gold and the Stock Market: 3 Essays on Gold Investments

This thesis gives an overview of the history of gold per se, of gold as an investment good and offers some institutional details about gold and other precious metal markets. The goal of this study is to investigate the role of gold as a store of value and hedge against negative market movements in turbulent times. I investigate gold’s ability to act as a safe haven during periods of financial stress by employing instrumental variable techniques that allow for time varying conditional covariance. I find broad evidence supporting the view that gold acts as an anchor of stability during market downturns. During periods of high uncertainty and low stock market returns, gold tends to have higher than average excess returns. The effectiveness of gold as a safe haven is enhanced during periods of extreme crises: the largest peaks are observed during the global financial crises of 2007-2009 and, in particular, during the Lehman default (October 2008). A further goal of this thesis is to investigate whether gold provides protection from tail risk. I address the issue of asymmetric precious metal behavior conditioned to stock market performance and provide empirical evidence about the contribution of gold to a portfolio’s systematic skewness and kurtosis. I find that gold has positive coskewness with the market portfolio when the market is skewed to the left. Moreover, gold shows low cokurtosis with the market returns during volatile periods. I therefore show that gold is a desirable investment good to risk averse investors, since it tends to decrease the probability of experiencing extreme bad outcomes, and the magnitude of losses in case such events occur. Gold thus bears very important and under-researched characteristics as an asset class per se, which this thesis contributed to address and unveil.

Synthesis and surface modification of silver and gold nanoparticles. Nanomedicine applications against Glioblastoma Multiforme.

In the last decades noble metal nanoparticles (NPs) arose as one of the most powerful tools for applications in nanomedicine field and cancer treatment. Glioblastoma multiforme (GBM), in particular, is one of the most aggressive malignant brain tumors that nowadays still presents a dramatic scenario concerning median survival. Gold nanorods (GNRs) and silver nanoparticles (AgNPs) could find applications such as diagnostic imaging, hyperthermia and glioblastoma therapy. During these three years, both GNRs and AgNPs were synthesized with the “salt reduction” method and, through a novel double phase transfer process, using specifically designed thiol-based ligands, lipophilic GNRs and AgNPs were obtained and separately entrapped into biocompatible and biodegradable PEG-based polymeric nanoparticles (PNPs) suitable for drug delivery within the body. Moreover, a synergistic effect of AgNPs with the Alisertib drug, were investigated thanks to the simultaneous entrapment of these two moieties into PNPs. In addition, Chlorotoxin (Cltx), a peptide that specifically recognize brain cancer cells, was conjugated onto the external surface of PNPs. The so-obtained novel nanosystems were evaluated for in vitro and in vivo applications against glioblastoma multiforme. In particular, for GNRs-PNPs, their safety, their suitability as optoacoustic contrast agents, their selective laser-induced cells death and finally, a high tumor retention were all demonstrated. Concerning AgNPs-PNPs, promising tumor toxicity and a strong synergistic effect with Alisertib was observed (IC50 10 nM), as well as good in vivo biodistribution, high tumor uptake and significative tumor reduction in tumor bearing mice. Finally, the two nanostructures were linked together, through an organic framework, exploiting the click chemistry azido-alkyne Huisgen cycloaddition, between two ligands previously attached to the NPs surface; this multifunctional complex nanosystem was successfully entrapped into PNPs with nanoparticles’ properties maintenance, obtaining in this way a powerful and promising tool for cancer fight and defeat.

Silica-Supported Gold Nanoparticles: Synthesis, Characterization and Reactivity

The main aim of this work was the synthesis and applications of functionalized-silica-supported gold nanoparticles. The silica-anchored functionalities employed, e.g. amine, alkynyl carbamate and sulfide moieties, possess a notable affinity with gold, so that they could be able to capture the gold precursor, to spontaneously reduce it (possibly at room temperature), and to stabilize the resulting gold nanoparticles. These new materials, potentially suitable for heterogeneous catalysis applications, could represent a breakthrough among the “green” synthesis of supported gold nanoparticles, since they would circumvent the addition of extra reducing agent and stabilizers, also allowing concomitant absorption of the active catalyst particles on the support immediately after spontaneous formation of gold nanoparticles. In chapter 4 of this thesis is also presented the work developed during a seven-months Marco Polo fellowship stay at the University of Lille (France), regarding nanoparticles nucleation and growth inside a microfluidic system and the study of the corresponding mechanism by in situ XANES spectroscopy. Finally, studies regarding the reparation and reactivity of gold decorated nanodiamonds are also described. Various methods of characterization have been used, such as ultraviolet-visible spectroscopy (UV-Vis), Transmission Electron Microscopy (TEM), Dynamic Light Scattering (DLS), X-ray Fluorescence (XRF), Field Emission Gun Scanning Electron Microscopy (SEM-FEG), X-ray Photoionization (XPS), X ray Absorption Spectroscopy (XAS).

Uptake of gold nanoparticles in microvascular endothelial cells

The physicochemical properties of nanoparticles make them suitable for biomedical applications. Due to their ‘straight-forward’ synthesis, their known biocompatibility, their strong optical properties, their ability for targeted drug delivery and their uptake potential into cells gold nanoparticles are highly interesting for biomedical applications. In particular, the therapy of brain diseases (neurodegenerative diseases, ischemic stroke) is a challenge for contemporary medicine and gold nanoparticles are currently being studied in the hope of improving drug delivery to the brain.rnIn this thesis three major conclusions from the generated data are emphasized.rn1. After improvement of the isolation protocol and culture conditions, the formation of a monolayer of porcine brain endothelial cells on transwell filters lead to a reproducible and tight in vitro monoculture which exhibited in vivo blood brain barrier (BBB) characteristics. The transport of nanoparticles across the barrier was studied using this model.rn2. Although gold nanoparticles are known to be relatively bioinert, contaminants of the nanoparticle synthesis (i.e. CTAB or sodium citrate) increased the cytotoxicity of gold nanoparticles, as shown by various publications. The results presented in this thesis demonstrate that contaminants of the nanoparticle synthesis such as sodium citrate increased the cytotoxicity of the gold nanoparticles in endothelial cells but in a more dramatic manner in epithelial cells. Considering the increased uptake of these particles by epithelial cells compared to endothelial cells it was demonstrated that the observed decrease of cell viability appeared to be related to the amount of internalized gold nanoparticles in combination with the presence of the contaminant.rn3. Systematically synthesized gold nanoparticles of different sizes with a variety of surface modifications (different chemical groups and net charges) were investigated for their uptake behaviour and functional impairment of endothelial cells, one of the major cell types making up the BBB. The targeting of these different nanoparticles to endothelial cells from different parts of the body was investigated in a comparative study of human microvascular dermal and cerebral endothelial cells. In these experiments it was demonstrated that different properties of the nanoparticles resulted in a variety of uptake patterns into cells. Positively charged gold nanoparticles were internalized in high amounts, while PEGylated nanoparticles were not taken up by both cell types. Differences in the uptake behavior were also demonstrated for neutrally charged particles of different sizes, coated with hydroxypropylamine or glucosamine. Endothelial cells of the brain specifically internalized 35nm neutrally charged hydroxypropylamine-coated gold nanoparticles in larger amounts compared to dermal microvascular endothelial cells, indicating a "targeting" for brain endothelial cells. Co-localization studies with flotillin-1 and flotillin-2 showed that the gold nanoparticles were internalized by endocytotic pathways. Furthermore, these nanoparticles exhibited transcytosis across the endothelial cell barrier in an in vitro BBB model generated with primary porcine brain endothelial cells (1.). In conclusion, gold nanoparticles with different sizes and surface characteristics showed different uptake patterns in dermal and cerebral endothelial cells. In addition, gold nanoparticles with a specific size and defined surface modification were able to cross the blood-brain barrier in a porcine in vitro model and may thus be useful for controlled delivery of drugs to the brain.

Plasmon-enhanced dynamic light scattering of gold nanorods in bulk and near a wall

Transportprozesse von anisotropen metallischen Nanopartikeln wie zum Beispiel Gold-Nanostäbchen in komplexen Flüssigkeiten und/oder begrenzten Geometrien spielen eine bedeutende Rolle in einer Vielzahl von biomedizinischen und industriellen Anwendungen. Ein Weg zu einem tiefen, grundlegenden Verständnis von Transportmechanismen ist die Verwendung zweier leistungsstarker Methoden - dynamischer Lichtstreuung (DLS) und resonanzverstärkter Lichtstreuung (REDLS) in der Nähe einer Grenzfläche. In dieser Arbeit wurden nanomolare Suspensionen von Gold-Nanostäbchen, stabilisiert mit Cetyltrimethylammoniumbromid (CTAB), mit DLS sowie in der Nähe einer Grenzfläche mit REDLS untersucht. Mit DLS wurde eine wellenlängenabhängige Verstärkung der anisotropen Streuung beobachtet, welche sich durch die Anregung von longitudinaler Oberflächenplasmonenresonanz ergibt. Die hohe Streuintensität nahe der longitudinalen Oberflächenplasmonenresonanzfrequenz für Stäbchen, welche parallel zum anregenden optischen Feld liegen, erlaubte die Auflösung der translationalen Anisotropie in einem isotropen Medium. Diese wellenlängenabhängige anisotrope Lichtstreuung ermöglicht neue Anwendungen wie etwa die Untersuchung der Dynamik einzelner Partikel in komplexen Umgebungen mittels depolarisierter dynamischer Lichtstreuung. In der Nähe einer Grenzfläche wurde eine starke Verlangsamung der translationalen Diffusion beobachtet. Hingegen zeigte sich für die Rotation zwar eine ausgeprägte aber weniger starke Verlangsamung. Um den möglichen Einfluss von Ladung auf der festen Grenzfläche zu untersuchen, wurde das Metall mit elektrisch neutralem Polymethylmethacrylat (PMMA) beschichtet. In einem weiteren Ansatz wurde das CTAB in der Gold-Nanostäbchen Lösung durch das kovalent gebundene 16-Mercaptohexadecyltrimethylammoniumbromid (MTAB) ersetzt. Daraus ergab sich eine deutlich geringere Verlangsamung.

Interactions of gold nanoparticles with polymeric membranes

This thesis focuses on the interactions of nanoparticles with artificial membranes. The synthesis of the block copolymer poly(dimethylsiloxane)-block-poly(2-methyloxazoline) (PDMS-b-PMOXA) is described, as well as the formation of polymersomes in water. These polymersomes act as minimal cell models, consisting of an artificial bilayer membrane only, allowing the study of the interactions between nanoparticles and polymeric membranes. Both spherical and rod-shaped gold nanoparticles (AuNPs) were used in this study and they were characterized using light scattering (PCS), transmission electron microscopy (TEM), UV/Vis spectroscopy, and polarization anisotropy measurements. The polymer grafting on the spherical cores is asymmetric (shell asphericity) but is parallel to the inherent, due to polycrystallinity, core anisotropy, resulting in a characteristic scattering of the AuNPs in PCS.rnInteractions of polymersomes and AuNPs were investigated by PCS, cryo-TEM and UV/Vis. Three possible scenarios upon mixing of polymersomes and AuNPs can be distinguished by using only PCS: (i) no interactions between particles and vesicles, (ii) attachment of the particles to the outer side of the vesicles (decoration), and (iii) uptake of particles into the vesicles. It is shown that all three scenarios are possible, solely depending on the particle’s surface functionalization. In addition, it was revealed that the AuNPs need to be attached to the inner side of the membrane instead of diffusing freely within the vesicle. The present experimental findings essentially help with the understanding of the interactions of nanoparticles with membranes and show that the process of endocytosis can be attributed to physical processes only. rn

Sensing applications of biofunctionalised plasmonic gold nanoparticles

Plasmonische Metallnanopartikel bündeln, verstärken und beeinflussen Licht auf nanoskopischer Ebene. Diese grundlegende Eigenschaft kommt von koheränten, kollektiven Schwingungen der Leitungsbandelektronen, die von einfallendem Licht resonant angeregt und lokalisierte Oberflächenplasmonenresonanz (LSPR) oder ‚Partikelplasmonen‘ genannt werden. Plasmonen in Metallnanopartikeln wurden bisher z.B. zur Erkennen von pathogenen Biomolekülen, bei der photothermischen Therapie und zur Verbesserung der Effizienz von Solarzellen verwendet. In dieser Arbeit werde ich meinen Fokus auf die Synthese und Funktionalisierung von Goldnanopartikeln zur Anwendung als Sensoren legen.rnrnKürzliche Verbesserungen in der nasschemischen Synthese haben zur Herstellung von Goldnanopartikel mit unterschiedlichen Formen und Größen geführt, die sich in ihren Sensoreigenschaften unterscheiden. Unter den unterschiedlichen Sensorgeometrien sind Goldnanostäbchen die bevorzugte Form zur Biomolekül-Sensorik durch LSPR. Nanostäbchen werden durch eine positiv geladene CTAB-Schicht stabilisiert, die Proteine bei neutralem pH-Wert anziehen kann. Die Adsorption und Desorption von Proteinen an der Nanopartikeloberfläche und damit die Bindungskinetiken von Proteinen kann auf Einzelmolekülebene erforscht werden. Ich zeige hier eine Studie mit hoher örtlicher und zeitlicher Auflösung um einzelne Bindungsereignisse von Fibronectin auf Goldnanostäbchen darzustellen.rnrnGoldnanostäbchen müssen mit spezifischen biologischen Erkennungselementen funktionalisiert werden um eine Analyterkennung oder Proteinwechselwirkung zu erreichen. Ich funktionalisiere Goldnanostäbchen mit kurzen DNA-Sequenzen (Aptamer-Sequenzen und NTA konjugierten Polihymidinen) und habe anhand diese unterschiedlich sensitiven Partikel eine Studie mit verschiedenen Analyten (oder Protein-Protein Wechselwirkungen) erfolgreich durchgeführt.rn rnPlasmonen von Nanopartikel-Clustern koppeln miteinander, was ihre Resonanzenergie ändert. Der kontrollierte Zusammenbau von Nanopartikeln zu Dimeren oder höher geordneten Strukturen wie ‚Core-Satellites‘ können dazu dienen ihre Sensitivität zu erhöhen. Diese Cluster bieten eine hohe Sensitivität auf Grund der Anwesenheit von plasmonischen Hotspots in der Lücke zwischen zwei Partikeln. Die Plasmonkopplung ist ein Phänomen, das abhängig vom Abstand zweier Partikel zueinander ist und bildet somit die Basis von sogenannten Plasmon-Linealen. Ich habe eine Strategie entwickelt um Dimere aus Hsp90 funktionalisierten Goldnanosphären zu bilden. Diese Technik wird nicht durch Ausbleichen oder das Blinken von Farbstoffen limitiert und ich zeige zum ersten Mal wie man dadurch dynamische Proteinkonformationen untersuchen kann.rn

Studio di validità concorrente tra sistema indossabile basato su IMU e stereofotogrammetria usata come gold standard

L’analisi della postura e del movimento umano costituiscono un settore biomedico in forte espansione e di grande interesse dal punto di vista clinico. La valutazione delle caratteristiche della postura e del movimento, nonché delle loro variazioni rispetto ad una situazione di normalità, possono essere di enorme utilità in campo clinico per la diagnosi di particolari patologie, così come per la pianificazione ed il controllo di specifici trattamenti riabilitativi. In particolare è utile una valutazione quantitativa della postura e del movimento che può essere effettuata solo utilizzando metodologie e tecnologie ‘ad hoc’. Negli ultimi anni la diffusione di sensori MEMS e lo sviluppo di algoritmi di sensor fusion hanno portato questi dispositivi ad entrare nel mondo della Motion Capture. Queste piattaforme multi-sensore, comunemente chiamate IMU (Inertial Measurement Unit), possono rappresentare l’elemento base di una rete sensoriale per il monitoraggio del movimento umano.

Effects and uptake of gold nanoparticles deposited at the air–liquid interface of a human epithelial airway model

The impact of nanoparticles (NPs) in medicine and biology has increased rapidly in recent years. Gold NPs have advantageous properties such as chemical stability, high electron density and affinity to biomolecules, making them very promising candidates as drug carriers and diagnostic tools. However, diverse studies on the toxicity of gold NPs have reported contradictory results. To address this issue, a triple cell co-culture model simulating the alveolar lung epithelium was used and exposed at the air-liquid interface. The cell cultures were exposed to characterized aerosols with 15 nm gold particles (61 ng Au/cm2 and 561 ng Au/cm2 deposition) and incubated for 4 h and 24 h. Experiments were repeated six times. The mRNA induction of pro-inflammatory (TNFalpha, IL-8, iNOS) and oxidative stress markers (HO-1, SOD2) was measured, as well as protein induction of pro- and anti-inflammatory cytokines (IL-1, IL-2, IL-4, IL-6, IL-8, IL-10, GM-CSF, TNFalpha, INFgamma). A pre-stimulation with lipopolysaccharide (LPS) was performed to further study the effects of particles under inflammatory conditions. Particle deposition and particle uptake by cells were analyzed by transmission electron microscopy and design-based stereology. A homogeneous deposition was revealed, and particles were found to enter all cell types. No mRNA induction due to particles was observed for all markers. The cell culture system was sensitive to LPS but gold particles did not cause any synergistic or suppressive effects. With this experimental setup, reflecting the physiological conditions more precisely, no adverse effects from gold NPs were observed. However, chronic studies under in vivo conditions are needed to entirely exclude adverse effects.

Conical crowns with electroplated gold copings: retention force changes caused by wear and combined off-axial load

The aim of this study was to examine the wear behavior of conical crowns of gold alloy and zirconium dioxide ceramics facing electroplated gold copings.

Quantitative evaluation of cellular uptake and trafficking of plain and polyethylene glycol-coated gold nanoparticles

This study addresses the cellular uptake and intracellular trafficking of 15-nm gold nanoparticles (NPs), either plain (i.e., stabilized with citrate) or coated with polyethylene glycol (PEG), exposed to human alveolar epithelial cells (A549) at the air-liquid interface for 1, 4, and 24 h. Quantitative analysis by stereology on transmission electron microscopy images reveals a significant, nonrandom intracellular distribution for both NP types. No particles are observed in the nucleus, mitochondria, endoplasmic reticulum, or golgi. The cytosol is not a preferred cellular compartment for both NP types, although significantly more PEG-coated than citrate-stabilized NPs are present there. The preferred particle localizations are vesicles of different sizes (<150, 150-1000, >1000 nm). This is observed for both NP types and indicates a predominant uptake by endocytosis. Subsequent inhibition of caveolin- and clathrin-mediated endocytosis by methyl-beta-cyclodextrin (MbetaCD) results in a significant reduction of intracellular NPs. The inhibition, however, is more pronounced for PEG-coated than citrate-stabilized NPs. The latter are mostly found in larger vesicles; therefore, they are potentially taken up by macropinocytosis, which is not inhibited by MbetaCD. With prolonged exposure times, both NPs are preferentially localized in larger-sized intracellular vesicles such as lysosomes, thus indicating intracellular particle trafficking. This quantitative evaluation reveals that NP surface coatings modulate endocytotic uptake pathways and cellular NP trafficking. Other nonendocytotic entry mechanisms are found to be involved as well, as indicated by localization of a minority of PEG-coated NPs in the cytosol.

Nano-stenciled RGD-gold patterns that inhibit focal contact maturation induce lamellipodia formation in fibroblasts

Cultured fibroblasts adhere to extracellular substrates by means of cell-matrix adhesions that are assembled in a hierarchical way, thereby gaining in protein complexity and size. Here we asked how restricting the size of cell-matrix adhesions affects cell morphology and behavior. Using a nanostencil technique, culture substrates were patterned with gold squares of a width and spacing between 250 nm and 2 µm. The gold was functionalized with RGD peptide as ligand for cellular integrins, and mouse embryo fibroblasts were plated. Limiting the length of cell-matrix adhesions to 500 nm or less disturbed the maturation of vinculin-positive focal complexes into focal contacts and fibrillar adhesions, as indicated by poor recruitment of ?5-integrin. We found that on sub-micrometer patterns, fibroblasts spread extensively, but did not polarize. Instead, they formed excessive numbers of lamellipodia and a fine actin meshwork without stress fibers. Moreover, these cells showed aberrant fibronectin fibrillogenesis, and their speed of directed migration was reduced significantly compared to fibroblasts on 2 µm square patterns. Interference with RhoA/ROCK signaling eliminated the pattern-dependent differences in cell morphology. Our results indicate that manipulating the maturation of cell-matrix adhesions by nanopatterned surfaces allows to influence morphology, actin dynamics, migration and ECM assembly of adhering fibroblasts.

Vapor bubble generation around gold nano-particles and its application to damaging of cells

We investigated vapor bubbles generated upon irradiation of gold nanoparticles with nanosecond laser pulses. Bubble formation was studied both with optical and acoustic means on supported single gold nanoparticles and single nanoparticles in suspension. Formation thresholds determined at different wavelengths indicate a bubble formation efficiency increasing with the irradiation wavelength. Vapor bubble generation in Bac-1 cells containing accumulations of the same particles was also investigated at different wavelengths. Similarly, they showed an increasing cell damage efficiency for longer wavelengths. Vapor bubbles generated by single laser pulses were about half the cell size when inducing acute damage.