On the diversification benefits of commodities from the perspective of euro investors

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Dynamic spillover effects among crude oil, precious metal, and agricultural commodity futures markets (2017, background): “…commodity futures to their portfolios, aiming to design strategies that optimize asset allocation, portfolio optimization, downside risk reduction, and hedging (Belousova and Dorfleitner, 2012; Skiadopoulos, 2012; Silvennoinen and Thorp, 2013; Andreasson et al., 2016; Karyotis and Alijani, 2016).”
Dynamic spillovers between commodity and currency markets (2015, background): “Hillier et al. (2006) and Belousova and Dorfleitner (2012) show that the inclusion of precious metals in an equity portfolio can reduce systematic risk of investment and accrue diversification benefits, particularly in periods of elevated equity market volatility.”
Caveat Emptor: Does Bitcoin Improve Portfolio Diversification? (2015, unknown): “For example, in a related paper, Belousova and Dorfleitner (2012) show that adding different types of commodities to a portfolio can have a beneficial impact.”
Does gold offer a better protection against losses in sovereign debt bonds than other metals (2014, background): “with other metals, particularly precious ones, than it does with any other commodities, investors may treat metals as a separate asset class (Belousova and Dorfleitner, 2012). This, in turn, would cause gold prices to comove more with metals than other commodities (see Pindyck and Rotember, 1990; Pi”