Friday, March 22, 2013

Texas considers repatriating university pension fund's gold

This is happening as I predicted here earlier this year and here in 2011.  A couple years ago, Kyle Bass initiated UTIMCO's sales of the GLD ETF, and purchase of physical gold bullion to usurp counterparty risk.  I applauded the move, but I suggested UTIMCO didn't go far enough, as the gold bars reside in New York, not in Austin, TX.

As it stands, Texas Governor Rick Perry and the legislature are seeking repatriation of Texas' gold.  Smart move, y'all.

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