The detail being left out here is that the gold in question really belongs to the state university system and is part of the investment of their endowment. It'

The detail being left out here is that the gold in question really belongs to the state university system and is part of the investment of their endowment. It's not some rainy day fund just in case the world goes to hell in a hand basket. It's pretty normal for any large investment fund like that to own some gold. What is weird is that Texas as a state is getting into the precious metals storage business which would normally be the domain of private business.