Data analysis company Palantir, best known for its undercover work with the Central Intelligence Agency and other government agencies, bought $ 50 million worth of gold bars in preparation for yet another Black Swan event. It was reported by the New York Post.
The Colorado-based company acquired $ 50.7 million worth of 100-ounce gold bars sometime in August, Palantir said in a short message that was hidden among the sheets in a 93-page second-quarter profit and loss statement last week.
“Initially, such a purchase will be held in a secure third-party facility located in the northeastern United States, and the Company may physically take possession of the gold bars stored at the facility at any time with reasonable notice,” the company added.
Bloomberg also announced that Palantir will now accept payments from its customers in gold, although the company had previously announced that it would accept bitcoin as a form of payment. There have also been no reports of investing in bitcoin, unlike some other companies, including Elon Musk’s Tesla electric car company.
Shyam Sankar, chief operating officer of Palantir, told Bloomberg that the move to gold “reflects more of the worldview.”
“You have to be prepared for a future with a lot of black swan events,” he said, referring to major unexpected events that could have negative consequences.
Investing in gold is seen as a way to hedge against negative events in the future, as well as against inflation, as proponents of precious metals holding believe that gold will retain its inherent value during any economic downturn.
The price per ounce of gold surpassed $ 2,000 for the first time last year, amid a sharp rise in concerns over the COVID-19 pandemic. But while some investors have recently expressed confidence in gold due to the sharp spike in inflation in recent months, the price of the precious metal has dropped about 7 percent since January 1.
Buying gold bars is just one of Palantir’s unusual investment strategies. In the last quarter, the company also began buying stakes in its clients, which increasingly include private startups, as well as companies that have recently gone public through mergers with SPAC or special purpose companies.
Palantir, co-founded by billionaire Peter Thiel and CEO Alex Karp, has fared much better. The stock is up nearly 5 percent at noon Wednesday and about 150 percent since its IPO in September.
When some wealthy individuals begin to get rid of securities and buy gold – this always causes concern of conspiracy theorists, who in such cases say: the rich know something. But in this case we are talking not just about some rich and well-informed people, but about a very serious office that helps the guys from the CIA to collect and analyze information.
And if these people start buying gold bars, and not just buying, but buying on the eve of the “black swan” – then this black swan will happen with a guarantee, and in the very near future.