The head of the nation’s largest pension fund has been tapped to head the World Gold Council, an association of leading gold-mining companies. “Opportunity knocked,” he says. “For me it’s a midlife adventure: A totally new job, a new continent -- it’s exciting.” Though Burton, 51, admits he’s no expert on the precious metal, he has been doing a lot of research. “Throughout history there has been some mystical draw to gold. Perhaps it has something to do with the sun. The thing about gold is it never loses its luster -- you put a piece of gold at the bottom of the ocean for 2,000 years, and it still looks the same.” Despite losing about 7 percent of their value in the 12 months ended June, CalPERS’s assets grew from $78 billion to $140 billion during Burton’s watch, which began in 1994. Gold has tracked the opposite course: It posted double-digit gains in the past year but lost ground over the past two decades. Burton’s brief: to spur demand for gold and gold-based products, thus sustaining the recent rally. “The plan is to restructure the Gold Council to make it a more effective marketing entity,” he explains. Back in Sacramento, meanwhile, CalPERS has named Robert Walton, assistant executive officer in charge of governmental affairs, as interim CEO.
