Markets Magazine
An ETF Pioneer Says Gold Flashed a Buy for Emerging Markets
3Edge Asset Management's Stephen Cucchiaro says that the metal suggested a turn in dollar strength early this year.
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When Stephen Cucchiaro looks at gold, he sees a stable frame of reference instead of a volatile asset whose price zigzags up and down.
“Gold is just a lump of metal sitting on a shelf,” says the president of 3Edge Asset Management, a Boston-based registered investment adviser that started in January and now oversees more than $162 million. Most of the gold on the planet has already been dug up, he says, so the supply is relatively fixed. Gold doesn’t tarnish, wither, or produce interest income—it just sits there. “So think of gold as being the only stable asset, with everything else revolving around it, and all of a sudden you get an interesting perspective,” he says.