You are here
University of Texas pension fund took delivery of its Comex gold
9:53a HKT Saturday, March 23, 2013
Dear Friend of GATA and Gold:
Our friend Gene Arensberg of the Got Gold Report notes today an inadequacy in your secretary/treasurer's correction yesterday of this week's report that the University of Texas pension fund stores gold at the Federal Reserve Bank of New York:
http://www.gata.org/node/12370
The university pension fund's gold ownership was indeed, as your secretary/treasurer speculated, a matter of Comex gold contracts with nothing to do with the New York Fed. But, Arensberg notes, last year investment fund manager Kyle Bass, a former member of the university's board, told CNBC that the pension fund took delivery of the gold underlying the contracts and stored it in a Comex-approved vault with HSBC:
http://www.businessinsider.com/kyle-bass-explains-why-he-had-the-univers...
Of course in light of HSBC's public relations disaster a year and a half ago as it attempted to show off the gold hoard it holds for the exchange-traded fund GLD but ended up displaying another ETF's gold instead --
http://goldsilver.com/news/cnbc-hsbc-gld-public-relations-backfire/
-- and in light of HSBC's being the world's biggest gold short, one may wonder whether the university's gold is now any more secure than it would be if it was left on a sidewalk in the South Bronx.
All the more reason for Texas to build the state government vault being proposed for repatriating the university's gold.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Get the real story about the precious metals
from the Sprott Precious Metals Round Table
Now you don't have to travel to attend a financial conference to hear Sprott Asset Management's precious metals experts -- Eric Sprott, Rick Rule, and John Embry. They held a round-table discussion on February 12 and you can watch it on the Internet. Among their topics:
-- Why are precious metals such a compelling investment opportunity?
-- Why are non-G7 central banks buying gold? Do Western central banks have any left?
-- Why are investors buying as much silver as gold in dollar terms? What does this mean for the price of silver?
-- Is the growing supply deficit of platinum and palladium going to push their prices higher?
To watch the conference, please visit:
http://w.on24.com/r.htm?e=579230&s=1&k=70B829852A33CD255CC2A43ED63D18D0&...
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
