Kyle Bass Explains Why He Had The U of TX Take Physical Delivery Of $1 Billion in Gold

I will repeat the following information for newbies:  Kyle Bass, of Hayman Capital, is on the board of UTIMCO, the University of Texas endowment fund, which happens to be the second largest in the world--next to Harvard's endowment fund.  Bass was chronicled in Michael Lewis' The Big Short, due to the fact that he and Hayman Capital's clients profited immensely after the implosion of the subprime mortgage bubble.

In short, Bass has a history of identifying distortions in the market before they collapse--and positions himself to profit from said distortions.  He's a contrarian, rarely following conventional wisdom.  He knows his stuff.  Here's what he had to say about gold and why UTIMCO took delivery of their physical gold and traded out of the GLD ETF, which is an ETF holding un-allocated and fractional reserve gold, qualifying it as a ponzi scheme for the clear-eyed.


https://youtu.be/lgNVNTvlpFY