Texas University Takes Delivery of Nearly $1 Billion in Gold Bars; Vaulting it in New York
April 17th, 2011That’s a lot of shiny. Which other funds are going to ask COMEX to cough it up?
Via: Bloomberg:
The University of Texas Investment Management Co., the second-largest U.S. academic endowment, took delivery of almost $1 billion in gold bullion and is storing the bars in a New York vault, according to the fund’s board.
The fund, whose $19.9 billion in assets ranked it behind Harvard University’s endowment as of August, according to the National Association of College and University Business Officers, added about $500 million in gold investments to an existing stake last year, said Bruce Zimmerman, the endowment’s chief executive officer. The holdings are worth about $987 million, based on yesterday’s closing price of $1,486 an ounce for Comex futures.
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 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.”
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More: Bloomberg:
If the holders of just 5 percent of those contracts opted to take delivery of the metal, there wouldn’t be enough to cover the demand, Bass said.
Zerohedge: “In summary – the fiat tide is now going out. And among those who will first be observed swimming naked are the very same people whose fate has been so very intrinsically linked to the perpetuation of a flawed regime (and who coined this very saying). In the meantime, hold on to your hats: should a scramble for delivery ensue, the recent parabolic move in various precious metals will seem like a dress rehearsal for what is about to transpire.”
http://www.zerohedge.com/article/golden-tipping-point-university-texas-takes-delivery-1-billion-physical-gold
Kevin,
Don’t bogart that popcorn.
The entire gold situation goes on and on with some of the craziest stories I’ve ever read- The Nazi’s stole the Jew’s gold, the Catholic church stole the gold from the Nazis and put it into Swiss bank accounts, Japan stole China’s gold, stored it in the Philippines, Poppy Bush tracked it down and stole it and used it as collateral to steal the USSR’s gold causing that nation’s collapse. That gold went to BCCI for laundering to finance drug running, wars, CIA ops, etc. Then it’s worked it’s way into the hands of the World Bank Group and the IMF- that threatens to sell 40 thousand tons at a time to squash prices. And let’s not forget that the IMF buys national gold assets at $35oz and sells at full market value and they own the Amazon rain forest where gold dredges run 24/7. Of course all of the world’s central banks are owned and operated by the secret (Rothschild) owners of the Bank for International Settlements. If ANY of the gold stories are to be believed, Ft Knox, New York Treasury, etc, haven’t got any gold in them. But if there is any there, it belongs to the Fed and it’s gold plated tungsten. And exactly who owns the Fed these days? The bank of England that’s broke? And then there are the gold derivatives at what fiat/ponzi scheme leverage percent? 70:1?
The Zionists took it all, the Fed took it all, the IMF took it all, the World Bank Group took it all, the BIS took it all, the Rothschild’s own the BIS and they took it all and that’s why they stopped fixing the gold prices a few years ago, the Chinese manufactured the fake gold and sent it to Ft Knox when nobody was looking and then they threw a fit when the London gold exchange sent it back to them 15 years later. No, the Germans manufactured it under the watchful eye of Deutsche Bank. Nope, scratch that, a private firm in Florida manufactured it. I suppose Kennedy knew about the gold and that’s why he told the Fed to take a hike- so maybe Greenspan was the actual lone gunman and Oswald really was a patsy that was killed for not paying for a $.75 movie ticket.
And if that’s not enough, according to biblical prophecy (take it or leave it, I’m not pushing it), we can look forward to a deliberate collapsing the current 7th head of the beast “world order” and creation of a new one out of the remains, enforced by the mark of the beast that amounts to a per-transaction financial system that is absolutely controlled from a centralized group of 10 people. So if the massive scale gold plundering stories are true, then whoever really stole all that gold will have enough gold, tungsten and call options to start their new world order.
And how in the hell can universities have endowment funds in the BILLIONS of dollars? I thought they were all broke!
So my question is this- How can I “love one another” when I’m beginning to detest the whole human race? Until someone gives me a plausible answer, pass the peppermint schnapps and party like it’s 666.
Party on, Wayne. Party on, Garth.
@steve,
I love GARTH AND WAYNE. But why detest the whole of the human race when its just a few that continue to screw us?
Don’t know whether you have watched “Loose Change?” The first and only version I watched of Loose Change had a segment at the very end on tractor trailor trucks at the ready and waiting to haul the gold stored in vaults at the World Trade Center. But ya know, that Loose Change video was made by a bunch of conspiracy thoeorists and there are no facts behind it. Right. Wink, Nod, elbow to elbow, high five. Etc.
Would be interesting to see who the people are on the Board of Director’s for these universities. Buying gold, why they must be idiots! All that education made them dumb investors.
And no, it is state funded institutions who are flucked royally. Those with endowments that didn’t invest with Bernie Madoff or Goldman Sachs are probaby sitting quite pretty on a stash of U.S. cash that BBernanke is doing his best to make into a pile of rubble. If Ben has his way I;ll bet you $20 bucks he is planning on default re U.S. debt. Lets go have a coffee party over that. Peace.
@mangrove
Should have read the article you posted before replying. Interesting how someone who made so much off of mortgages went into gold. Makes me want to barf.
I think gold is okay for physical delivery. Its when you want physical delivery of silver that there is no vaseline available to lubricate the transaction. Silver is finite, gold still being mined.
What I’m really saying through all the sarcastic bullshit that I wrote is that initially, ALL of those scenarios were written as “fact” at one time or another and we’ve all heard at least some of them. But the deeper I dig, the more I realize that I cannot trust ANY of them at face value. They may all be true and they may all be lies or somewhere in between. But one thing is certain- Gold is REAL money to the elite. It’s also money in a highly concentrated form so it’s not difficult to hide thousands of tons of it in a plain Jane warehouse. Additionally, thousands of tons of SUPPOSED “concentrated cash on hand” can justify creation of a LOT of fiat currency that about 7 billion dupes and idiots pine and kill for.
One thing I do believe (because it’s absolutely obvious to me) is that BIS is a deceptive, privately owned bank who’s REAL owners run the world’s economy and they are intentionally destroying this one in order to establish their “NWO” and WE THE HUMAN RACE allowed them to do it instead of taking a tar and feather approach to liars and thieves. If they told ALL of the directors of the world’s central bank that the moon was made of solid gold and that they owned it, every one of those directors would spend money like it was a fact without ever seeing ANY evidence.
BTW, I remember that the first order of business after the collapse of the world trade centers was to retrieve the gold from the basement. SUPPOSEDLY, it was returned to it’s rightful owners a few years later.
…central bankS…or maybe that was a Freudian slip.