Preheat oven to 350°F and grease a 10-inch tube pan.
Sift together the flour, baking powder, and salt. Set aside.
In a large bowl, beat the egg yolks for 6 minutes on high with an electric mixer. Add sugar and beat 2 minutes more.
Reduce speed and add vanilla and lemon extract, followed by 1 cup cold water. Sprinkle in flour mixture and beat only enough to blend, about 2 minutes.
Pour into prepared pan and bake until golden, about 1 hour. Invert to cool. Loosen edges and remove. Enjoy!