$51 million in gold purchased by Palantir to guard “black swan event.”

Spotlight:

  • According to Palantir’s quarterly financial-results statement, the company spent $50.7 million for gold bars. Barron’s was the first to break the news.
  • “You have to be ready for more black swan incidents in the future,” the company’s COO stated.
  • Palantir’s gold bars will be stored in a vault in the northeastern United States after they were acquired in August 2021.

According to Palantir Technologies’ quarterly financial results report on August 12, the company acquired $50.7 million worth of 100-ounce gold bars. This was on top of previous investments in startups and SPACs.

Barron was the first to break the news.

The business, which is located in Denver, also accepts gold as a method of payment. Accepting less conventional currencies, according to COO Shyam Sankar of Bloomberg, “reflects more of a worldview.”

“You have to be prepared for a future with more black swan events,” Sankar warned.

According to the petition, Palantir’s gold bars, which were acquired in August 2021, will be stored at a secure third-party facility in the northeastern United States.

According to the petition, “The company is able to take physical possession of the gold bars stored at the facility at any time with reasonable notice,”

In May, the firm announced that it will accept bitcoin as a form of payment. Palantir’s spokesperson verified to Bloomberg that no one has yet paid with bitcoin or gold.

Both asset types have been marketed as inflation hedges, however, bitcoin’s efficacy has recently been called into question.

Palantir, which was co-founded by billionaire Peter Thiel, has established a reputation as a covert seller of government espionage technology by selling tools to law enforcement and military clients all around the world as per an August 2020 publication.

On August 12, the firm announced second-quarter results that exceeded analyst expectations, with 62 agreements worth $1 million or more closed during the period. Twenty-one of them were valued at more than $10 million, while thirty were worth less than $5 million.