University Of Texas Invests Nearly $1 Billion In Gold Because Kyle Bass Told Them It Was A Good Idea

Kyle Bass

[credit provider=”Business Insider”]

The University of Texas has added $500 million to its already sizable gold investment in 2010, partially due to the influence of hedge funder Kyle Bass, according to Bloomberg.Bass, who sits on the university’s endowment board, has previously said “all roads lead to gold,” and questions the value of the dollar, or any currency, in this environment where central banks continue to print money.

The University of Texas has taken physical delivery of its $987 million worth of gold, and it is held in a vault in New York, according to Bloomberg.

Bass is seeking more investors for his negative Japan fund, which suffered in the wake of the disaster.

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