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Making Unique Observations in a Very Cluttered World

Sunday, April 17, 2011

Texas University Takes Delivery of Nearly $1 Billion in Gold Bars; Vaulting it in New York


Texas University Takes Delivery of Nearly $1 Billion in Gold Bars; Vaulting it in New York -



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.”


Read more - http://www.bloomberg.com/news/2011-04-16/texas-university-takes-cue-from-kyle-bass-to-hold-1-billion-in-gold-bars.html

200 low magnitude earthquakes have been recorded near the California /Nevada border in the past week -

200 low magnitude earthquakes have been recorded near the California /Nevada border in the past week -

Map showing earthquakes

Read more - http://earthquake.usgs.gov/earthquakes/recenteqsus/Maps/US2/37.39.-120.-118.php