While stories of doomsdayers preparing for a potential financial apocalypse are plentiful, learning of an enormous retailer following suit was a bit of a surprise.
Online retailer, Overstock.com, has apparently prepared for a possible financial crisis rivaling the 2008 collapse by investing in millions in supplies and bullion in order to preserve the livelihood of its employees for approximately three months.
The Utah based company has recognized the potential and historical value of gold and silver as a means to preserve and grow wealth; as such, they have invested $6.3 million in gold and $4.6 million in silver. Hidden somewhere safe from would-be thieves is a stash of physical bullion.
In addition to the physical stash of gold and silver bullion, Overstock has amassed a 3 month supply of food for employees in a worst case scenario situation. While the CEO, Patrick Byrne, hopes the horde of precious metals is not needed, his skepticism in the federal government and banking system leads him to feel most secure with hard assets backing his company’s wealth in case of disaster.
The company’s off site stash might seem a bit tinfoil hat-esque to some, but Overstock might just have the last laugh if a crisis does occur.
While the PM positions of Overstock.com is a rather old story it is nonetheless valid today. Many of us know that even with the short lived rallies in PMs and mining stocks lately that PMs have generally been out of vogue for years. Yet many of us continue on laying down hard earned fiat currency for metals in the face of criticism and in some cases open distain by investors. To that, I say stay the course. Use my love/hate strategy in buying metals; buy when others hate it, sell when others love it. Knowing that it could be some time before metals are loved again. Finally, I believe The Overstock.com position is wise and compassionate.
I couldn’t agree more. I was shocked a company would so wisely invest to protect their employees.