Overstock.com has over $10 million in gold and silver, as well as food hidden in Utah.
Overstock.com, the online retailer that sells discount merchandise, is stockpiling gold, silver, and food. The stockpile is there in the possibility of the financial system collapsing, so they can take care of their employees. The company has $4.3 million worth of silver and $6 million worth of gold in units small enough to be used as payroll. This is the company’s way of preparing for a disaster that could potentially destroy other online companies.
According to Buzzfeed Overstock’s CEO Patrick Byrne has said he wants “a system that can survive a three-month freeze.” Byrne said if the system fails he wants to continue being able to pay people and outlast a bank shutdown. He referenced the banking system freeze of the 1930s and the crash of 2008 that brought the U.S. close to another freeze, saying he thinks we are close to “the final days of the Keynesian Magic money tree can deliver actual wealth and growth.”
Byrne says the company has about a month’s supply of food, and a system to pay and feed employees if the banks collapse. The stockpile of precious metals and food is kind of an insurance policy, which Byrne says only has about a 5 percent chance of paying off.
Utah-based Overstock made headlines in the past for its lengthy fight with hedge funds, Bryne’s interest in digital currencies, and manipulation of the company’s stock. In 2013 Byrne told Business Insider that the company wants to make Overstock strong in the delicate financial situation, so the company owns precious metals and possibly some Bitcoin. He also said currencies like the U.S. dollar are flawed and vulnerable to inflation, however he thinks fixed supplies like Bitcoin and stockpiled precious metals are immune to this.
Stockpiling precious metals is not secure and can be precarious. The value of the company’s precious metals has gone down from $10.9 million to $10.2 million because of the decline in global commodity prices. When the company was asked exactly where the precious metals are, they said they are in a secure place in Utah.