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Texas University Endowment Storing About $1 Billio

Discussion in 'Off Topic Threads' started by three dram, Apr 16, 2011.

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  1. three dram

    three dram TS Member

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    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.”

    Gold reached an all-time high of $1,489.10 an ounce yesterday in New York as sovereign debt concerns boosted demand for the metal as a store of value. Gold has climbed 28 percent in the past year on Comex.

    The endowment, which oversees funds held by the University of Texas System and Texas A&M University, has 6,643 bars of bullion, or 664,300 ounces, in a Comex-registered vault in New York owned by HSBC Holdings Plc (HSBA), the London-based bank, according to a report distributed at the meeting in Austin.
     
  2. shelly

    shelly TS Member

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    Hope you catch some fish with that one. Remember to set the hook well before reeling them in.
     
  3. three dram

    three dram TS Member

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    Sorry Shelly

    It was a bloomberg release reporter from Austin , David Mildenberg in

    Austin, Texas

    , at dmildenberg@bloomberg.net. Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net.


    http://www.bloomberg.com/news/2011-04-16/texas-university-endowment-storing-about-1-billion-in-gold-bars.html


    http://www.bloomberg.com/news/2011-04-16/texas-university-endowment-storing-about-1-billion-in-gold-bars.html

    there will be lots more new like this in the coming Months

    Three Dram
     
  4. timberfaller

    timberfaller Well-Known Member

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    Most of the well known University's are sitting on HUGH endowments that at present student populations, They(students) could go there for free!

    Last count I heard was, there is about a dozen setting on over a billion each!

    Now you know why the tea party people are wanting the DOE defunded!

    I personally would like to see it completely GONE!
     
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