Data analytics software company Palantir has purchased $50 million in gold bars, as inflation worries rock the market.
“During August 2021, the company purchased $50.7 million in 100-ounce gold bars,” Palantir said in an 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.”
Companies are increasingly turning to solutions that can provide a hedge against inflation, should current pressures continue to rise. The announcement comes as gold prices fell sharply in global markets on Thursday amid the prospect of reduced Federal Reserve stimulus, according to Mint. Analysts say gold's price action will be determined by the speculation relating to the Federal Reserve.