U. of Texas Endowment Manager Buys $500-Million in Gold

The managers of the investment fund for the University of Texas and Texas A&M University systems are putting their money where investors tend to turn when they fear high inflation and other big economic troubles loom ahead: They’ve invested $500-million of Permanent University Fund assets in gold, according to The Houston Chronicle. The decision, by the University of Texas Investment Management Company, is rare for managers of university endowments, who typically look for investments that will grow on their own, not just serve as a formidable hedge against inflation or currency fluctuations. Still, the fund’s big gold purchase represents only a tiny fraction of its overall value of about $22.3-billion.