University Of Texas Shifts Gold Exposure [UPDATED]

Back in 2011, the University of Texas followed the advice of one of its wealthiest alumni, Kyle Bass. The University increased its holding of gold to $1 billion in gold bars in a New York vault back in April 2011, when gold was trading at $1,486 an ounce. Now the University has begun to convert that stake into gold futures.

According to a report in Bloomberg, The University of Texas fund sold around $375 million of gold bars. However, the University reinvested the money in gold futures and in equities. The University of Texas fund...