Gold Rush Continue – This Time It’s University of Texas
I thought people in China buying gold in large quantity was an interesting story to tell everyone.
Now we know Americans always beat everyone else when it comes to being the biggest buyer in something. Here is a story from Bloomberg that the University of Texas Investment Management Co. took delivery of $1 billion physical gold bullion and storing that in a vault themselves.
In short, it is simply an issue of trust. The paper gold holding that U of Texas used to have is supposed to have the physical gold bars stored somewhere safely by some well known entity.
Taking physical delivery of this paper gold holding and then storing the gold bars somewhere themselves is a grand gesture.
I wonder if more trust funds will follow.