Before revision:  No strong evidence for a specific asset leading any other one emerges and the assets under research do not share the long-term equilibrium relationship. Strong implication is that after the structural change gold, oil, and stocks cannot be used together for risk diversification .
After revision:  No strong evidence for a specific asset leading any other one emerges and the assets under research . Heterogeneity prevails in correlations between gold and stocks. After the 2008 crisis, correlations among all three assets increase and become homogenous: the timing differs for the three pairs but coincides with the structural breaks that are identified in specific correlation dynamics. A strong implication emerges: during the period under research, and from a different-investment-horizons perspective, all three assets could be used in a well-diversified portfolio only during relatively short periods .