According to Bloomberg, the University ofÂ Texas Investment Management Co. is storing about $1 billion of bullion in a New York City vault. The move to gold comes at the behest of a Dallas hedge fund manager:
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, (endowment CEO Bruce) 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.”
Here’s our magazine’s 2008 profile of Bass.