Hedgie Bass Behind University's Big Gold Buy

Apr 19 2011 | 11:26am ET

John Paulson isn't the only hedge fund manager with a powerful taste for gold. But Kyle Bass' latest gold gorge wasn't made on his own behalf.

The Hayman Capital Partners founder, who last year was named to the University of Texas Investment Management Co.'s board of directors, pushed the endowment to buy nearly $1 billion worth of physical gold bullion. The more than 20 tons of the precious metal are being stored in a New York vault and represent nearly 5% of the endowment's total assets.

"Central banks are printing more money than they ever have, so what's the value of money in terms of purchases for goods and services?" Bass asked Bloomberg News. "I look at gold as just another currency that they can't print any more of."

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