Data-analytics firm Palantir Technologies purchased $50.7 million worth of 100-ounce gold bars, according to the company's quarterly financial-results filing from August 12. That came in addition to other investments in startups and SPACs. Barron's was first to report.
*PALANTIR BUYS $50.7M IN GOLD BARS, ACCEPTS PAYMENT IN GOLD— *Walter Bloomberg (@DeItaone) August 17, 2021
The Denver-based firm is also accepting gold as a form of payment. COO Shyam Sankar told Bloomberg that accepting less traditional currencies "reflects more of a worldview."
"You have to be prepared for a future with more black swan events," Sankar added.
Palantir’s gold bars will be kept in a secure location in the northeastern U.S., according to the filing. “The company is able to take physical possession of the gold bars stored at the facility at any time with reasonable notice,” Palantir wrote.
Palantir, cofounded by the billionaire Peter Thiel, has built its reputation as a secret purveyor of government spy technologies by supplying tools to law enforcement and military clients around the globe.
The company on August 12 reported second-quarter earnings that beat analyst estimates, closing 62 deals worth $1 million or more in the quarter. Of those, 21 were worth more than $10 million and 30 were more than $5 million.
Palantir which is known around the world for its intelligence software is accepting gold as a form of payment to hedge against a black swan event— Gold Telegraph ⚡ (@GoldTelegraph_) August 17, 2021
Moral hazard is everywhere
This is why powerful companies and governments rely on them for intelligence... they know what’s going on...