Palantir Technologies has said it is preparing for a new “black swan event” by working to stockpile gold bars.
The company purchased $50.7 million just this month alone in gold, part of a weird investment technique that includes blank-check firms, startups and maybe Bitcoin.
Palantir has previously stated it would accept Bitcoin as a means of payment. A spokesperson for the company said no one has done this yet.
Embracing other forms of currencies “reflects a worldview,” Shyam Sankar, the leading operating officer, stated during an interview. “You must be prepared for more black swan events in the future.”
The gold purchase was found within a securities filing which was made last week for its quarterly report and released publicly earlier this week by the Barron’s publication. Palantir shares were higher around 5% in intraday trading during the week.
Palantir’s 100-ounce gold bars will be maintained in a secure place in the northeastern United States, according to their filing. “The company can take and move the gold which is stored at the location at any time with a reasonable up-front notice,” Palantir said.
Palantir, which was co-founded by the tech billionaire Peter Thiel and CEO Alex Karp, produces software which is used by businesses and governments. It portrays itself as an organization filled with free thinkers. The company moved its office to Colorado last year and made fun of other companies in Silicon Valley as it left. During the interview, Sankar said that Palantir’s culture was like an “artist colony,” instead of a tech firm creating software.
Governments have used Palantir software to aid them in making sense of the covid pandemic, the current alleged black swan, an unpredictable and random event.
The firm has around $2.3 billion in cash and is looking into other uses for their money. Palantir stated in May that it was discussing investing in Bitcoin. And it has taken investment stakes in startups that are customers of its own software, a strategy that helped increase its sales in Q2.
This gold move comes at a time when Americans and American businesses are suffering from sky-high inflation.
Author: Scott Dowdy