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Texas University Hold $1 Billion in Gold Bars
The University of Texas Investment Management Co., the second-largest U.S. academic endowment, took delivery of almost $1 billion in gold bullion and is storing the bars in a New York vault, according to the funds board.The fund, whose $19.9 billion in assets ranked it behind Harvard Universitys 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 endowments chief executive officer. The holdings are worth about $987 million, based on yesterdays closing price of $1,486 an ounce for Comex futures. The decision to turn the funds investment into gold bars was influenced by Kyle Bass, a Dallas hedge fund manager and member of the endowments 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 whats 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 cant print any more of. Posted by: tipper 2011-04-17 |
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