Finally, it has come to our

attention that the University of Texas Endowment… one

of the largest in the nation… has chosen to buy gold

bullion and did so some while back at the behest of Mr.

Kyle Bass, noted hedge fund manager and a member of

the Endowment’s Board of Directors. Some shall argue

that this may mark the top for gold. We shall argue

otherwise. The top will come with the endowment funds

of the smaller colleges and universities openly own gold.

They don’t and they are not even close to making that

decision. From our position of authority on two goodly

sized endowment funds we know that few if any

endowments have even discussed owning gold, and

fewer still actually own any. When the $10 million

endowments own gold, that shall be the top. When

billion dollar endowments own gold the race is perhaps

only just beginning.