James Saft is a Reuters columnist. The opinions expressed are his own.
To judge by equity markets, central banks have all the credibility in the world, but their reputation just may exceed their actual power.
In investing, extreme behavior is becoming more mainstream every day.
How else can we interpret the extraordinary moves by the University of Texas’ endowment fund to not only buy nearly $1 billion of gold, equal to about 5 percent of its assets, but to insist on taking physical delivery of the precious metal.