We study the low energy limit of the integrated density of states for the s
tandard tight-binding model on the Penrose lattice. A conjecture is present
ed for the existence of the so-called harmonic coordinates; it implies a ce
ntral limit theorem for random walks. A simple approximation scheme is prop
osed to compute the diffusion constant. In a second part of the paper, we c
onsider the effect of a diagonal term in the tight-binding hamiltonian, sup
pressing all local symmetries. This self-similar potential provides a simpl
e mechanism for localization; the existence of gaps in the spectrum is demo
nstrated. (C) 2000 Elsevier Science B.V. All rights reserved.