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Golden 'Horns

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A Dallas hedge-fund manager reportedly helped UTIMCO secure 6,643 gold bars, worth nearly $1 billion

Some investors believe that buying gold is a good hedge against inflation.  If that's the case, then the University of Texas Investment Management Company (UTIMCO) may be protected for some time. reports that a Dallas-based hedge-fund manager helped UTIMCO buy over 6,600 gold bars last week.  In case you're curious, gold bullion futures closed today at $1,489.70 per ounce.

From the Bloomberg story:

"Dallas hedge-fund manager J. Kyle Bass helped advise the University of Texas Investment Management Co. on taking delivery of 6,643 gold bars, worth $987 million on April 15, now stored in a bank warehouse in New York. "Bass, who made $500 million with 2006 bets on a U.S. subprime-mortgage market collapse, said managers of the endowment, known as UTIMCO, sought board approval to convert its gold investments into bullion this year. A board member, Bass, 41, said he was asked to help with that process."

Ian Crawford joined KUT as News Editor in 2008, after spending over four years as a reporter/anchor at KLBJ Radio in Austin. He began his broadcasting career while still in high school in Southern Oregon. During high school and college at the University of Oregon, he worked at times as a reporter, news anchor, sports play-by-play reporter, music host and commercial producer before moving to Texas in 2003.