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 $991.7 million yesterday, that are stored in a bank warehouse in New York.
Sovereign-debt concerns also boosted demand for the metal today, driving Comex futures to an all-time high as Standard & Poor‚Äôs revised its U.S. credit outlook to negative. The price has climbed 31 percent in the past year.
‚ÄúWhy hold your money in dollars when the Fed can double and triple the supply rather quickly and quietly and won‚Äôt even tell us what they are doing,‚ÄĚ U.S. Representative Ron Paul, a Texas Republican who has for decades favored a return to a currency backed by precious metals, said today in a telephone interview. ‚ÄúLogic tells me a lot more people will do it.‚ÄĚ...
James 5 2 Your riches have rotted and your garments have become moth-eaten. 3 Your gold and your silver have rusted; and their rust will be a witness against you and will consume your flesh like fire. It is in the last days that you have stored up your treasure!---NASB
Commodities can go up and down in value as well. The sound financial advice is suppose to be "Buy low and sale high." I would wonder if U. of Texas didn't do just the opposite?