Palantir buys $50M in gold bars

Gold settled at $1,785 an ounce on Tuesday

Palantir Technologies Inc., which counts Peter Thiel as its largest shareholder, is investing in gold at a time when more U.S. companies are focusing their efforts on cryptocurrencies

The Denver-based big data company this month bought $50.7 million worth of 100-ounce gold bars, according to a regulatory filing. 

Ticker Security Last Change Change %
PLTR PALANTIR TECHNOLOGIES, INC. 24.43 -0.35 -1.41%

The gold will initially be stored by a third party somewhere in the Northeastern United States. Palantir can take delivery at any time after giving reasonable notice.

Palantir declined to elaborate on the purchase when contacted by FOX Business. 

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The purchases come as a number of U.S. companies have sought to diversify their cash holdings into other assets, mainly bitcoin. 

MicroStrategy Inc., Tesla Inc. and Square Inc. are among those corporations that have in recent quarters added bitcoin to their portfolios. 

Tesla said it is considering its own investments in gold bullion. 

Gold futures contracts traded at New York’s COMEX have traded between $1,692.60 and $1,831.30 per ounce this month. 

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The precious metal is down 5.65% this year at $1,785 an ounce. It closed at a record high of $2,051.50 an ounce on Aug. 6, 2020. 

Palantir was founded by venture capitalist and PayPal co-founder Peter Thiel in 2003. The company went public at $10 per share on Sept. 30, 2020, and closed at $24.50 on Monday.