Texas University Takes Cue From Kyle Bass to Hold $1 Billion in Gold Bars
The ZEROHEDGE spin:
A Golden Tipping Point: University of Texas Takes Delivery Of $1 Billion In Physical Gold
The fund, whose $19.9 billion in assets ranked it behind Harvard University’s endowment as of August, according to the National Association of College and University Business Officers, added about $500 million in gold investments to an existing stake last year, said Bruce Zimmerman, the endowment’s chief executive officer. The holdings are worth about $987 million, based on yesterday’s closing price of $1,486 an ounce for Comex futures.
The decision to turn the fund’s investment into gold bars was influenced by Kyle Bass, a Dallas hedge fund manager and member of the endowment’s board, Zimmerman said at its annual meeting on April 14. Bass made $500 million on the U.S. subprime-mortgage collapse.
“Central banks are printing more money than they ever have, so what’s the value of money in terms of purchases of goods and services,” Bass said yesterday in a telephone interview. “I look at gold as just another currency that they can’t print any more of.”
So, is $100B in pension fund physical gold investments next?: http://aucanary.blogspot.com/2010/10/pension-funds-and-flight-to-quality.html