“The University of Texas Investment Management Co., the third-largest U.S. academic endowment, sold $375 million in gold bars from holdings of about $1.4 billion and reinvested the proceeds in gold futures and equities. The fund, which manages $29.2 billion, started taking delivery of gold through futures starting in 2008 as a hedge against inflation, Zimmerman said. While fund managers and directors remain concerned global consumer prices may increase, the fund wanted to increase investments in equities, he said.  ‘Our idea was to buy and hold gold, and when the world’s central banks begin tightening, we’ll sell,’ Zimmerman said.”

http://www.planbeconomics.com/2013/05/texas-u-sold-375-million-in-gold-bars.html

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