The University of Texas endowment has taken delivery of $1 billion in physical gold. That's about 5% of the endowment. Hadn't realized that the UT endowment was so large, but it apparently manages the endowment of the entire UT system (among the largest public university systems) plus Texas A&M.
What I find most interesting is the choice to buy the physical metal rather than a securitized proxy such as GLD (although the fund may in fact own such instruments as well).
The impetus to buy gold looks to have come from board member Kyle Bass, a most savvy fund manager.
position in gold, GLD
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