Dallas hedge-fund manager J. Kyle Bass helped advise the University of Texas Investment Management Co. on taking delivery of 6,643 gold bars, worth $987 million on April 15, now stored in a bank warehouse in New York.
Bass, who made $500 million with 2006 bets on a U.S. subprime-mortgage market collapse, said managers of the endowment, known as UTIMCO, sought board approval to convert its gold investments into bullion this year. A board member, Bass, 41, said he was asked to help with that process.
While Bass, a managing partner at Hayman Capital Management LP, said in an April 16 e-mail that “the decision to purchase and take delivery of the physical gold” was made by endowment staff members, “I helped where I could.” Gold futures touched a record $1,489.10 an ounce April 15 in New York before closing at $1,486.
The Texas fund’s $19.9 billion in assets ranked it behind only Harvard University’s endowment as of August, according to the National Association of College and University Business Officers. Last year, UTIMCO added about $500 million in gold investments to an existing stake, said Bruce Zimmerman, the endowment’s chief executive officer. The fund’s managers sought to take delivery of bullion to protect against demand for the metal overwhelming supply, according to Bass.
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Bass, who made $500 million with 2006 bets on a U.S. subprime-mortgage market collapse, said managers of the endowment, known as UTIMCO, sought board approval to convert its gold investments into bullion this year. A board member, Bass, 41, said he was asked to help with that process.
While Bass, a managing partner at Hayman Capital Management LP, said in an April 16 e-mail that “the decision to purchase and take delivery of the physical gold” was made by endowment staff members, “I helped where I could.” Gold futures touched a record $1,489.10 an ounce April 15 in New York before closing at $1,486.
The Texas fund’s $19.9 billion in assets ranked it behind only Harvard University’s endowment as of August, according to the National Association of College and University Business Officers. Last year, UTIMCO added about $500 million in gold investments to an existing stake, said Bruce Zimmerman, the endowment’s chief executive officer. The fund’s managers sought to take delivery of bullion to protect against demand for the metal overwhelming supply, according to Bass.
More Here..
The managers of the elites education system are abandoning the dollar! .
ReplyDeleteTaking out insurance against the dollars collapse for the preservation of the ruling elites own education systems wealth .
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Harvard and Yale to follow soon?
A vote of no confidence by the American elite in the paper dollar bailout and “recovery”!
Elite Rats abandoning the ship!
Dead fiat paper dollar?
Africa, sometimes, only sometimes I feel sorry for the poor bastard masses here, then they go and "vote" for the same prats that have been ripping them off...tribalism is still core here so reasoning is not a factor for most so sympathy for them goes out the backdoor with the garbage.
ReplyDeleteMother nature with helping hand from the Rothschild Inc's NSA/CFR
OK so the USA helps out everywhere, but it's flag is burnt everywhere also, a contradiction yes?
But the whole point about what's happening now is that 1 USA is Rothschild Inc 2 Rothschild Inc don't do charity for charities sake, only to gain control 3 the aid is fiat money designed to grossly indebt the receiving country then becoming a servant to the master Rothschild Inc
You r right, Rothschild Inc long ago got tired of looking after everyone, wars, disease etc haven't done the job so far so they r planning a big one, all the stuff about the economy, food crisis, selective pharma research, hard drug trade etc is all moving towards the goal of ridding the planet of Xbillion "useless eaters".
got gold beeches hahhhahhahahah
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