The University of Texas Investment Management Co., the second-largest U.S. academic endowment, took delivery of almost $1 billion in gold bullion as the metal reaches a record, according to the fund’s board.
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 yesterday at its annual meeting. 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 today in a telephone interview. “I look at gold as just another currency that they can’t print any more of.”
Here is a link to the full article:
http://www.bloomberg.com/news/2011-04-15/texas-university-endowment-holds-almost-1-billion-in-gold-bars.html
Bass has some strong feelings about where the world is headed and that is hyperinflation.
Here he is last fall discussing the thinking that has evidently got some merit with the University of Texas endowment:
Part 1 http://video.cnbc.com/gallery/?video=1608686095
Some interesting points of his:
- Best performing stock market of the last decade is Zimbabwe but despite that if you owned equities in Zimbabwe you have lost all of your money because of inflation
- Thinks we are losing control of the monetary base. The Fed even admits that they don’t know what they are doing, but hope what they are doing will work
Part 2
http://video.cnbc.com/gallery/?video=1608699590
Comments:
- Doesn’t think US has the option to follow path Japan took over the past 20 years because the States can’t finance itself
- For every 1 point increase in Treasury yield the US incurs another $120 billion of interest expense
Part 3
http://video.cnbc.com/gallery/?video=1608700028
- US needs to cut a trillion dollars of spending out of a current 4 trillion in order to match spending and revenues
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 yesterday at its annual meeting. 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 today in a telephone interview. “I look at gold as just another currency that they can’t print any more of.”
Here is a link to the full article:
http://www.bloomberg.com/news/2011-04-15/texas-university-endowment-holds-almost-1-billion-in-gold-bars.html
Bass has some strong feelings about where the world is headed and that is hyperinflation.
Here he is last fall discussing the thinking that has evidently got some merit with the University of Texas endowment:
Part 1 http://video.cnbc.com/gallery/?video=1608686095
Some interesting points of his:
- Best performing stock market of the last decade is Zimbabwe but despite that if you owned equities in Zimbabwe you have lost all of your money because of inflation
- Thinks we are losing control of the monetary base. The Fed even admits that they don’t know what they are doing, but hope what they are doing will work
Part 2
http://video.cnbc.com/gallery/?video=1608699590
Comments:
- Doesn’t think US has the option to follow path Japan took over the past 20 years because the States can’t finance itself
- For every 1 point increase in Treasury yield the US incurs another $120 billion of interest expense
Part 3
http://video.cnbc.com/gallery/?video=1608700028
- US needs to cut a trillion dollars of spending out of a current 4 trillion in order to match spending and revenues
