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| Economy |
| Texas University Hold $1 Billion in Gold Bars |
| 2011-04-17 |
| 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. 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.” |
| Posted by:tipper |
| #6 In other words, there are people like Beck out there who know what Soros and Obama are doing and are hedging against that by using their playbook, until we get these two out of our country. |
| Posted by: Jinese McGurque4032 2011-04-17 21:30 |
| #5 I am all about being smart enough to recognize what is going down, trying to protect one self by hedging against it like Bass did and is still doing until the rest of America gets half a brain and puts a stop to Obama's madness. Thank you Mr Beck for your wisdom during this crisis. And for all of you trying to pin this crisis on Beck, obviously you need to listen to him and other people who know how to recognize, prepare, survive and overcome. |
| Posted by: Jinese McGurque4032 2011-04-17 21:28 |
| #4 Bass made $500 million on the U.S. subprime-mortgage collapse. Clearly the UTX endowment board watches Glenn Beck -- they are clearly influenced by his "Buy Gold!" advertisers, while Mr. Bass is learning Soros' profit from chaos playbook off of Beck's chalkboard. |
| Posted by: regular joe 2011-04-17 11:57 |
| #3 That's about 5% of their endowment. With the Bernank still printing money, that seems prudent. Wonder what Havahd invested in (GE?). |
| Posted by: CincinnatusChili 2011-04-17 11:13 |
| #2 That's a great place to keep your gold. That way you remember where you put it. When people die sometimes things like that disappear especially if you have no family. This happens in Hospitals also in route or even family. The worst is grave robbery. Yes, that is happening. Just a side note. Do you know what they bury overweight people (500lbs+) in?. Tic, Tic, Tic septic tanks. |
| Posted by: Dale 2011-04-17 08:57 |
| #1 I store all the gold I own in my mouth. |
| Posted by: Anguper Hupomosing9418 2011-04-17 05:16 |