University of Texas owns $1 Billion worth of Gold

Now the the price of gold has cracked above the $1500 per ounce level and silver has broken above $45 per ounce, it is interesting to see who the big buyers are and how much they are investing.

The endowment for the University of Texas, The University of Texas Investment Management Co., has purchased and taken delivery of around $1 billion worth of gold and is storing it in a vault in New York.

Will this be the beginning of a trend? If so, watch for much higher prices.