Bloomberg – The University of Texas Investment Management Company, which manages the endowment of the University of Texas system and Texas A&M University, has purchased $1 billion worth of gold bullion recently as a hedge against inflation, according to an April 14th announcement made by the fund’s board. Bloomberg reports that the the company took delivery of the gold bars and is storing them in a Comex-registered New York vault.
The UTIMC, whose assets under management total about $19.9 billion, now brings its total gold ownership to 664,300 ounces and made the recent purchase on the advice of one of the members of the its board, Kyle Bass.
