Whoa! University of Texas Takes Delivery of a Billion Dollars Worth of Gold by Robert Wenzel

This is going to cause a few more people to take a look at gold as an investment. (And make overseas investors even more nervous about the dollar)

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 fund’s board, reports Bloomberg.

The decision to turn the fund’s investment into gold bars was influenced, according to Bloomberg, by Kyle Bass, a Dallas hedge fund manager and member of the endowment’s board, Zimmerman said yesterday at its annual meeting. 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 today in a telephone interview. “I look at gold as just another currency that they can’t print any more of.”

Click link below for rest of article….

via Whoa! University of Texas Takes Delivery of a Billion Dollars Worth of Gold by Robert Wenzel.

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