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View Full Version : Football University of Texas Takes Delivery Of $1 Billion In Physical Gold


teedubya
04-17-2011, 01:38 AM
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.

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

KcMizzou
04-17-2011, 02:00 AM
I, for one, welcome our new Texan Overlords.

Frazod
04-17-2011, 02:01 AM
I hope somebody fucking steals it.

Scorp
04-17-2011, 07:04 AM
I hope somebody ****ing steals it.

I hope I ****ing steal it.

Chiefs=Good
04-17-2011, 07:08 AM
I, for one, welcome our new Texan Overlords.

LMAO

BigRedChief
04-17-2011, 07:31 AM
So the hedge fund manager who made $500 million off of Americas housing collapse says pull your $'s out of America and put it in gold? Has he been watching too much Glenn Beck?

University of Texas...Fuck you America we are Texas!

gblowfish
04-17-2011, 10:25 AM
Freeze their assets.
Texas is a rogue nation.

CrazyPhuD
04-17-2011, 10:35 AM
WTH...this is texas...why didn't they put it in $1 billion of black gold?

BigMeatballDave
04-17-2011, 10:35 AM
Cash4Gold.com

CrazyPhuD
04-17-2011, 10:36 AM
I wonder how much of that gold was in the form of teeth?

Sofa King
04-17-2011, 10:39 AM
Ok. I'm setting up a team. I'll need a crew of 14. I'll need everything from athletic asians, black guys, old white guys, and brad pitt.

Who's with me?

Braincase
04-17-2011, 10:44 AM
Ok. I'm setting up a team. I'll need a crew of 14. I'll need everything from athletic asians, black guys, old white guys, and brad pitt.

Who's with me?

Old white guy w/ computer skills and biting sarcasm reporting for duty. You can call me "Mr. Crimson".

kstater
04-17-2011, 10:45 AM
I'm trying to figure out why this is a news story of relevance here.

KurtCobain
04-17-2011, 10:54 AM
Ok. I'm setting up a team. I'll need a crew of 14. I'll need everything from athletic asians, black guys, old white guys, and brad pitt.

Who's with me?

I got you a white crash dummy and a parkour(sp?) black guy. I'll be outside in the van waiting for you guys.

teedubya
04-17-2011, 12:02 PM
I'm trying to figure out why this is a news story of relevance here.

The story is the dollar is about to collapse... and Texas is making a hedge against the dollar. The first major university to do this. Odds are, there will be a few more large university trusts doing the same thing in the near term.

The game theory of a nearly 100 year old system of monetary exchange has seen its first defector, but most certainly not last. With an entity as large as the University of Texas calling the bluff of the Comex, the Chairman, and fiat in general in roughly that order, virtually every other intelligent asset manager is now sure to follow, considering there is not nearly enough physical gold to satisfy all paper gold in existence by a factor of about 100x.

The proverbial Nash equilibrium has just been broken.

beer bacon
04-17-2011, 12:09 PM
Ron Paul 2012.

Crush
04-17-2011, 12:11 PM
Rowsdower/Torgo 2012
Posted via Mobile Device

CrazyPhuD
04-17-2011, 12:38 PM
We should just rename our currency the sky. Then we can all go running around screaming....the sky is falling....the sky is falling.

BigRedChief
04-17-2011, 01:30 PM
The story is the dollar is about to collapse... and Texas is making a hedge against the dollar. The first major university to do this. Odds are, there will be a few more large university trusts doing the same thing in the near term.

The game theory of a nearly 100 year old system of monetary exchange has seen its first defector, but most certainly not last. With an entity as large as the University of Texas calling the bluff of the Comex, the Chairman, and fiat in general in roughly that order, virtually every other intelligent asset manager is now sure to follow, considering there is not nearly enough physical gold to satisfy all paper gold in existence by a factor of about 100x.

The proverbial Nash equilibrium has just been broken.
If the $ collapses gold ain't going to save you. People with guns will take your gold. And food and water is going to be a lot more valuable than gold or guns.

And a friggin college isn't going to matter one bit.

Bewbies
04-17-2011, 02:58 PM
Remember this the next time they complain about needing to raise tuition. They have $19 BILLION DOLLARS IN THE BANK.

Stewie
04-17-2011, 04:07 PM
If the $ collapses gold ain't going to save you. People with guns will take your gold. And food and water is going to be a lot more valuable than gold or guns.

And a friggin college isn't going to matter one bit.

Currencies collapse all the time. It's not Armageddon. Nations just retool and move ahead.

BigRedChief
04-17-2011, 04:49 PM
Currencies collapse all the time. It's not Armageddon. Nations just retool and move ahead.

Keep telling yourself that. The $ is not just another currency. Evidence says otherwise. We almost had a fucking depression because some banks made bad loans. Collapse of the $ will make us long for those days of crisis.

'Hamas' Jenkins
04-17-2011, 04:53 PM
Keep telling yourself that. The $ is not just another currency. Evidence says otherwise. We almost had a fucking depression because some banks made bad loans. Collapse of the $ will make us long for those days of crisis.

The subprime crisis was in no way related to monetary policy, it was caused by a lack of regulation in the financial markets. The two aren't related in the least. The worldwide nature of the problem stemmed from the interconnectedness of global commerce, not the transcendence of the dollar.

That said, I'm with you on the skepticism of regarding gold as some kind of financial panacea. It relies on a tie to currency to give it value, because there is far more wealth than there is gold.

bevischief
04-17-2011, 05:16 PM
I hope I ****ing steal it.

Lets go get it.

bevischief
04-17-2011, 05:17 PM
Ok. I'm setting up a team. I'll need a crew of 14. I'll need everything from athletic asians, black guys, old white guys, and brad pitt.

Who's with me?

I am game.

BigRedChief
04-17-2011, 05:40 PM
The subprime crisis was in no way related to monetary policy, it was caused by a lack of regulation in the financial markets. The two aren't related in the least. The worldwide nature of the problem stemmed from the interconnectedness of global commerce, not the transcendence of the dollar.

That said, I'm with you on the skepticism of regarding gold as some kind of financial panacea. It relies on a tie to currency to give it value, because there is far more wealth than there is gold.I'm not saying they are related. I'm saying that the sub prime mess was small potatoes compared to the collapse of the $. It's panic thats the issue. For cirissakes look at oil prices. No decrease in oil supply but Libya freaks out the market and oil goes through the roof.

Gold is not going to be a magic bullet.

veist
04-17-2011, 05:54 PM
That said, I'm with you on the skepticism of regarding gold as some kind of financial panacea. It relies on a tie to currency to give it value, because there is far more wealth than there is gold.

This is an important point, if the farmer isn't interested in your gold you are still proper fucked in the event of some kind of financial apocalypse that these "geniouses" are hedging against. Really its just them making a bet that the "value" of gold hasn't peaked. Which whatever, I hope they take a fucking bath on it because investing in gold is dumb.

alnorth
04-17-2011, 06:14 PM
One problem with the gold standard is that it is not that much different from fiat money. Yes there is a finite supply, but there's nothing magical about gold being valuable. It is a commodity and as a commodity the value is limited especially in a crisis situation. It's used a little bit in manufacturing but the main use of gold is for jewelry, and the supply of gold far outweighs the demand for new jewelry.

If armageddon happens, gold will be pretty valuable.... up until people realize its not that valuable compared to food, oil, and weapons.

dtebbe
04-17-2011, 06:17 PM
I've been putting 9mm, .45 and .223 ammo in my safe. IMHO it's a better doomsday investment.

DT

BigRedChief
04-17-2011, 06:35 PM
If armageddon happens, gold will be pretty valuable.... up until people realize its not that valuable compared to food, oil, and weapons.my point exactly. Access to food, water and weapons will have value. You try to buy those with gold? They will laugh at you. It will be trade and barter.

'Hamas' Jenkins
04-17-2011, 09:33 PM
I'm not saying they are related. I'm saying that the sub prime mess was small potatoes compared to the collapse of the $. It's panic thats the issue. For cirissakes look at oil prices. No decrease in oil supply but Libya freaks out the market and oil goes through the roof.

Gold is not going to be a magic bullet.

And that can only happen because of exemptions that were granted by the CFTC in 1991 that allowed Oil to be traded as a commodity akin to corn, beef, or beans. It's the same thing that caused a huge spike in 2008, speculative investors buying up futures. More than anything, it's a failure of regulating the markets properly.

Chocolate Hog
04-18-2011, 01:39 AM
Keynesian economics doesn't work.

kepp
04-18-2011, 07:30 AM
I wonder how much of that gold was in the form of teeth?

And belt buckles

morphius
04-18-2011, 07:59 AM
Is this also followed up by a report of them needing to raise tuition?

Donger
04-18-2011, 08:34 AM
The story is the dollar is about to collapse...

LMAO Again?

calling the bluff of the Comex, the Chairman, and fiat in general in roughly that order

LMAO