Kyle Bass Explains Why He Had The University Of Texas Take Physical Delivery Of $1 Billion In Solid Gold
Linette Lopez | Mar. 12, 2012
We already know that Hayman Capital’s Kyle Bass is getting ready for the worst. Case in point, he keeps all kinds of weapons on his Texas compound and he’s buying up nickels because he believes the coins will eventually be worth more than 5 cents.
He’s also bullish on gold, and he reminded CNBC why in an interview today:
“The pattern is set, we’re going to continue to monetize fiscal deficits by expanding central bank balance sheets… I call it creating money out of thin air.”
He believes this so fully that while he was on the board of the University of Texas, he had them take physical delivery of $1 billion in gold. You can watch him explain why in the video below (via CNBC), but in a nutshell, he figured out that it would be much cheaper to store it.
And for the record, Bass doesn’t advocate going back to the gold standard, he thinks that’s impractical. Instead, he believes our economy should be tied to a basket of goods and services.
Read more: BI
- Kyle Bass: “Don’t Sell Your Gold” (zerohedge.com)
- What Happens If GLD Doesn’t Have The Physical Gold To Back Its Investment Funds??? (zerohedge.com)
- Kyle Bass On Rehypothecation And Other Keynesian Endgame Scenarios (zerohedge.com)
- KYLE BASS: Last Week’s EU Summit Agreement Was A ‘Doomsday Machine’ (businessinsider.com)