Palantir Technologies is stockpiling gold bars in anticipation of another “black swan event” according to a recent Bloomberg article.
Co-founded by tech billionaire Peter Thiel, Palantir—which makes software used by governments and businesses—reportedly spent $50.7 million this month on gold” which the article explains is “part of an unusual investment strategy that also includes startups, blank-check companies and possibly Bitcoin.” It adds that the company said it would accept Bitcoin as a form of payment, although it has not yet done so.
Palantir’s chief operating officer Shyam Sankar told Bloomberg that embracing nontraditional currencies “reflects more of a worldview. You have to be prepared for a future with more black swan events.”
According to the securities filing that revealed the gold purchase, Palantir’s 100-ounce gold bars will be stored in a secure location in the northeastern U.S. and the company can take possession “at any time with reasonable notice.”
The article states, “Governments have strongly embraced Palantir software to help them make sense of the coronavirus pandemic, the current so-called black swan, a random and unpredictable event.” The company, which reportedly has some $2.3 billion in cash, “is exploring creative uses for that money,” the article says, noting that in May it said it was considering investing in Bitcoin.