Palantir bought $50 million in gold bars in August as cash pile grows

Tech Firm Buys $50M Gold in August

Gold last traded at $1,779 an ounce. Silver at $23.17 an ounce.

NEWS SUMMARY: Precious metal prices steadied Thursday following Fedspeak and mixed economic data. U.S. stocks retreated on concern the Fed could remove stimulus this year, slowing an economy hurt by the spread of the Covid delta variant.

CNBC--"While some companies such as Tesla are diversifying into bitcoin, data analytics software company Palantir is betting on gold. Palantir bought $50 million in gold bars in August, the company disclosed in its latest earnings statement.

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.

This year investors have more loudly voiced concerns about inflation, and gold is sometimes viewed as a hedge against inflation....

'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.'"