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Gold: the Base of the Inverted Pyramid

By Richard Russell


I have a philosophical or emotional problem with any bearish call on the stock market. I believe America is facing a bullish and glorious future, and this should mean a bullish stock market. Thus, even though the market has not looked bullish and optimistic, I believe the bullish sector will win out.


I recently read a long article on deflation versus hyperinflation. The piece drew attention to my old friend John Exter’s inverted pyramid of asset classes. At the bottom of the pyramid is gold, the safest of all investments. The problem is that the world choking on too much credit. The giant mass of credit and loans is deflationary and is causing deflation. Jay Taylor explains:


To illustrate his view of the dynamics of deflation, Exter drew up an inverse pyramid shown below. Up to a point, as money is created the system does in fact inflate. People become ... Log in or subscribe to continue reading.

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