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\u2019s board.<\/p>\n
The fund, whose $19.9 billion in assets ranked it behind Harvard University\u2019s endowment as of August, according to the National Association of College and University Business Officers, last year added about $500 million in gold investments to an existing stake, said Bruce Zimmerman, the endowment\u2019s chief executive officer. The holdings reached about $987 million yesterday, as Comex futures closed at $1,486 an ounce….<\/p>\n
\u201cCentral banks are printing more money than they ever have, so what\u2019s the value of money in terms of purchases of goods and services,\u201d\u009d [Kyle] Bass said today in a telephone interview. \u201cI look at gold as just another currency that they can\u2019t print any more of.\u201d\u009d<\/p>\n