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 & Poorâ€™s revised its U.S. credit outlook to negative. The price has climbed 31 percent in the past year.
â€śWhy hold your money in dollars when the Fed can double and triple the supply rather quickly and quietly and wonâ€™t even tell us what they are doing,â€ť 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. â€śLogic tells me a lot more people will do it.â€ť...
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?