in 1968, John Exter placed 100% on his portfolio into Gold. It was radical position for a gentleman who was once on the Board of Governors of the US Federal Reserve system, but it served him well in Stagflationary years that followed, which saw a soaring gold price, and a decade of negative real returns for financial assets. Although not famous, Exter is perhaps best known for his inverted pyramid, which segregated asset classes by their risk profile, with the riskier assets at the top of the pyramid, and the lowest risk assets at the bottom. Perhaps he was old fashioned, but gold was the foundation of his pyramid. We discussed Exter's pyramid on the Gold Coast last weekend, where we presented at the ATAA national conference. We were reminded of its relevance again this week, upon seeing an astonishing BofAML chart highlighting inflows into high yield investments vs. investments into gold and TIPS this past decade. Latest gold market report, looking at the latest from SaxoBank, plus full thoughts on Exter's pyramid, and the chase for yield here (VIEW LINK)