The University of Texas system has invested $500 million, or 3 percent of its total investment funds, in gold.
The Houston Chronicle reports that the university bout the gold out of fears of "unstable international financial markets and the possibility of high inflation." It is relatively uncommon for a university to invest in gold, the value of which only increases through inflation.
Last month, the school system had to borrow $516 million to cover an IRS audit. The system's flagship campus in Austin is being investigated for the inordinately high salaries of some of its employees including football coach Mack Brown, who earns $5.1 million per year.
The University of Texas has the fifth-largest endowment in the country.