The gold portfolio half of its assets invested in the SPDR Gold Trust ( GLD ), a gold exchange-traded fund, and the remainder invested in gold equities. McGuire, who manages a $330-million gold portfolio at the Teacher Retirement System of Texas, makes the outsize forecast in his newly-released book, \"Hard Money." "Pension funds have a number of investments that they have already decided are attractive in the event that inflation begins to return," McIntyre noted.