Texas Hold 'Em

Now I'm towing my car
There's a hole in the roof
My possessions are causing me suspicion
But there's no proof
--Crowded House

The University of Texas endowment has taken delivery of $1 billion in physical gold. That's about 5% of the endowment. Hadn't realized that the UT endowment was so large, but it apparently manages the endowment of the entire UT system (among the largest public university systems) plus Texas A&M.

What I find most interesting is the choice to buy the physical metal rather than a securitized proxy such as GLD (although the fund may in fact own such instruments as well).

The impetus to buy gold looks to have come from board member Kyle Bass, a most savvy fund manager.

position in gold, GLD