Overstock.com Has A Bunker Full Of Gold, Silver, And Food In Case Of Financial Collap

H

HardOCP News

[H] News
Joined
Dec 31, 1969
Messages
0
I wonder if Overstock.com also gives employees a stocked bug out bag full of MREs and bottled water to keep under their desks?

Unless you work at Overstock. The publicly-traded company has disclosed to the Securities and Exchange Commission that it has about $6 million of gold and $4.3 million worth of silver that could be divided up and used for payroll (probably small coins) and also a 30-day supply of food. It’s all stashed in an undisclosed location, and the company thinks of it as an insurance policy.
 
staknhalo said:
Even Overstock.com is getting in on the Fallout 4 hype!
Click to expand...

Well, the food yeah, but gold and sliver are not bottle caps so they'll fail at being able to buy stuff for their vault from Crazy Wolfgang's trade caravan. Then again, maybe the CEO has a platinum chip stashed away someplace?
 
I unserstand food, but what is gold and silver good for? You can't build anything remotely useful from, it, you can't eat it, so it's worthless, in every sense except in our crazy system called the economy.
 
My understanding is that they are Mormon company and one of the tenants of the religion is have a large supply of food on hand.
 
Always a good idea to have some water on hand.
Remember that issue with the Ohio aquifer recently?

The US dollar is a digital currency whether anyone realizes it or not. 1s and 0s on a database.
There are a few symbolic paper versions left that serve as a cute little anachronism and little else.
 
M76 said:
I unserstand food, but what is gold and silver good for? You can't build anything remotely useful from, it, you can't eat it, so it's worthless, in every sense except in our crazy system called the economy.
Click to expand...

it's the idea that gold and silver in the case of a catastrophe or apocalypse will be one of the only tangible assets available for person to person transactions. To say you can't buy anything useful from it is naive if not ignorant. Gold/Silver have been the go-to currency since their discovery. Wars have been fought to get them. Still is happening actually.
 
M76 said:
I understand food, but what is gold and silver good for? You can't build anything remotely useful from, it, you can't eat it, so it's worthless, in every sense except in our crazy system called the economy.
Click to expand...

"The use of gold as proto-money has been traced back to the fourth millennium BC when the Egyptians used gold bars of a set weight as a medium of exchange, as had been done earlier in Mesopotamia with silver bars." - Wiki

The history of its use might have a little something to do with it. I could also have a home built and pay for it using gold as payment today as well. Gold is wealth whether a fiat currency is currently in play or not. Matter of fact gold has always retained value when even the first paper currency (Chinese - Tang Dynasty A.D. 618-907) ever created failed due to hyper inflation and every single one since, except the US dollar.

Gold Preserves Wealth

The reasons for gold's importance in the modern economy centers on the fact that it has successfully preserved wealth throughout thousands of generations. The same, however, cannot be said about paper-denominated currencies. Source
Click to expand...
(I'm not Peter Schiff, runs away....)
 
30 day supply of food...for who and how many?

And I'm sure if things are that bad, employees will still be working and people will still be buying from Overstock. :rolleyes:
 
The US dollar AKA the Federal Reserve Note has lost 97 percent of its value since we gave the private bank the authoritarian to print money out of thin air. FRN is the world currency ATM but I would say we are in the last decade of its reserve status. When the status is lost that's when chickens come home to roost. All these so called "debates" we have during sham elections time will be moot & the private bankers that pick our puppet government have been laughing all the way to the bank for more then 100 years.
 
Methadras said:
it's the idea that gold and silver in the case of a catastrophe or apocalypse will be one of the only tangible assets available for person to person transactions. To say you can't buy anything useful from it is naive if not ignorant. Gold/Silver have been the go-to currency since their discovery. Wars have been fought to get them. Still is happening actually.
Click to expand...

And further for M76's edification - in a post collapse society, silver actually has a ton of different uses other than the fact it "shines up real purdy" and can also be used as a mutually agreed upon unit of currency unencumbered by the politely accepted fiction that is fiat currency. For example, silver has a ton of medical applications (its antibiotic properties make it good for needles, bandages, burn treatment, etc), it's conductive and useful for various electrical purposes (gotta have your Arctic Silver if you're overclocking in the wastelands, after all), dentistry applications, water filtration, batteries, catalysing reactions, wood preservative, in nano form - clothing that doesn't need to be laundered very often, etc.

Gold on the other hand "shines up real purdy" and is scarce; that's about it. Oh - and it's not bad in foil form to protect against radiation.
 
Methadras said:
it's the idea that gold and silver in the case of a catastrophe or apocalypse will be one of the only tangible assets available for person to person transactions. To say you can't buy anything useful from it is naive if not ignorant. Gold/Silver have been the go-to currency since their discovery. Wars have been fought to get them. Still is happening actually.
Click to expand...

I wouldn't exchange food for gold. It's worse than paper currency, as it is heavy and cumbersome to carry around.

Too bad everyone is still thinking inside the box of the economy. Noone ever needed money or currency for anything. It was just more convenient in the middle ages to exchange goods with. When we had no technology to speak of, and we had no means of mass producing anything. So back then really everybody needed to work, so we could have enough goods. And the need to work for a living really applied. But the fact that we can create more with less couldn't be more true today. And we still tie our lives to money. Our world is inside out. If the concept of money was abolished nearly 100 years ago, when it should've been, at the time of the great depression during the 1930s. When it became abundantly clear that the money system doesn't apply to the economy anymore. The world would be at least 100 years more advanced than it is today. And living without money is not the equivalent of going back to bartering. It's not the physical form of money that is the problem, it's the concept of doing a full time job to earn a living. With our state of technology, if it was applied correctly, in the service of the betterment of humanity, instead the service of monetary gain for companies and individuals all out for themselves, noone would need to work for more than a few hours every day, on jobs that cannot yet be automated. And people could work on what they actually want to work on. And don't for a minute think that money is an incentive, and without it everyone would just do nothing until the day they die. Just look at charities and volunteers all over the world, if anything money is a hindrance, if you get a good paying job you became content and don't even try to do better. We just do our daily routine spinning the rat wheel, because we're forced to get money to get by.
We are addicted to money, and we don't even realize it. We are so addicted, that even in case of a great government collapse which would be a great opportunity to wipe the slate clean and forget this archaic system, we're still looking for ways to replace it with another currency.
 
stocks-vs-bonds-vs-gold.png


Keep buying that gold, goldbugs! It keeps prices lower on assets that will actually grow.
 
SilverSliver said:
No one will care one lick about gold or silver if everything went sideways.
Click to expand...

Exactly. All "money" whether actually scarce like gold or artificially scarce like fiat money is all simply a psychological construct anyway. It's simply a signal from one person to another that they have something of worth that person wants, whether it is goods, services, labor, etc.

Capitalism is currently the least bad of all the bad constructs to most efficiently signal one another; hopefully we continue to evolve it.
 
If I were a potential investor, this disclosure would give me reason to stay far away from Overstock. Why? Because this horde costs the company a lot to maintain and there is absolutely nothing in it for the investor.

If things get so bad that the company has to pay its employees in gold (query how they would actually do such a thing in the absence of functioning communication and transportation infrastructure) and feed them with MREs, then any stock market investment is going to be worthless anyways.

That the board of directors allows the company to spend money on what is essentially the doomsday prepper fantasy of some executive is a sign that someone is asleep at the wheel.
 
I'm sure in the apocalypse they'd help their employees out...the execs will get it all.
 
AFTFNJ said:
The US dollar AKA the Federal Reserve Note has lost 97 percent of its value since we gave the private bank the authoritarian to print money out of thin air.
Click to expand...

What a tragedy for the 115 year old person who stuck their life savings in cash under a mattress in 1913 and really needs that money today :rolleyes:

For everyone else who actually invests their savings instead of shoving it in a mattress, the historical average 3.2% annual inflation of the USD since 1913 is not a significant problem.
 
Go ahead and buy some bread with that gold. The gov will tell you get back in line and take your single allotted loaf. By the way they will tell you gold is to be confiscated for your countries best intrests.
 
nealric said:
If I were a potential investor, this disclosure would give me reason to stay far away from Overstock. Why? Because this horde costs the company a lot to maintain and there is absolutely nothing in it for the investor.

If things get so bad that the company has to pay its employees in gold (query how they would actually do such a thing in the absence of functioning communication and transportation infrastructure) and feed them with MREs, then any stock market investment is going to be worthless anyways.

That the board of directors allows the company to spend money on what is essentially the doomsday prepper fantasy of some executive is a sign that someone is asleep at the wheel.
Click to expand...

If you think this is overly conservative you should take a look at Apple.
 
SilverSliver said:
Which global apocolyose are you referring to?
Click to expand...

I'm referring to financial collapse, per the thread title.

Every currency that has ever existed has ended in failure/debasement.

Germany.
Zimbabwe.
Venezuela.
Greece.
Russia.
Rome.

on and on...
 
sliverjazz said:
Go ahead and buy some bread with that gold. The gov will tell you get back in line and take your single allotted loaf. By the way they will tell you gold is to be confiscated for your countries best intrests.
Click to expand...

Um, you have it wrong. You are assuming that people have to go to government to get their basic necessities met. They don't. They can find people to trade/barter/buy from without the government and tangible assets like gold/silver/whatever helps them do that.
 
nealric said:
If I were a potential investor, this disclosure would give me reason to stay far away from Overstock. Why? Because this horde costs the company a lot to maintain and there is absolutely nothing in it for the investor.

If things get so bad that the company has to pay its employees in gold (query how they would actually do such a thing in the absence of functioning communication and transportation infrastructure) and feed them with MREs, then any stock market investment is going to be worthless anyways.

That the board of directors allows the company to spend money on what is essentially the doomsday prepper fantasy of some executive is a sign that someone is asleep at the wheel.
Click to expand...

Apple is sitting on $250 billion in cash. You're argument now is?
 
My stock pile consist of ammunition, gadsen flags by the crate, confederate flags by the crate, tobacco, weed and moonshine. I can readily make my own fuel and the food source is renewable so the only thing I would trade my loot for would be hot chicks.
 
When the shtf, ammo, med supplies, food, and water, are the real currencies.

Batteries, solar panels, and other energy sources are a close second.
 
all that precious metal and only 30 days worth of food? hmmm...
 
You must log in or register to reply here.
Back
Top