While some companies such as Tesla are diversifying into bitcoin, data analytics software company Palantir is betting on gold. The move reflects a growing company stashing cash in an unconventional asset in response to economic uncertainty spurred by the coronavirus pandemic and governments’ response to it.
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Palantir bought $50m in gold bars in August as cash pile grows
“During August 2021, the Company purchased $50.7 million in 100-ounce gold bars,” Palantir said in the Aug. 12 earnings statement for its fiscal second quarter. “Such purchase will initially be kept in a secure third-party facility located in the northeastern United States and the Company is able to take physical possession of the gold bars stored at the facility at any time with reasonable notice.”
