Have you stocked up on gold and food just in case an economic collapse, natural disaster or some other catastrophe transpires? Well, if you haven’t then maybe you should apply for a job at Overstock.com.
The popular online retailer is hoarding gold and food to feed its employees in case something devastating happens.
Delivering a keynote speech at a United Precious Metals Association (UPMA) conference in Salt Lake City, Jonathan Johnson, the chairman of Overstock.com, confirmed that the company will be up and running in the event of a financial collapse. Its employees will be paid, safe and feed.
“We want to be able to keep our employees, paid, safe, and our site up and running during times of financial crisis,” he said. “We’re not big fans of Wall Street, and the big banks, and we don’t trust them. We foresaw the financial crisis.”
Just how much does Overstock.com have in gold and food? According to Johnson, who is running for Governor of Utah as a Republican, noted that it has $10 million in gold and precious metals and three months worth of food for each employee and another individual in its inventory.
“So what do we do as a business so that we would be prepared when that happens. One thing that we do that is fairly unique: we have about $10 million in gold, mostly the small button-sized coins, that we keep outside of the banking system. We expect that when there is a financial crisis there will be a banking holiday. I don’t know if it will be 2 days, or 2 weeks, or 2 months. We have $10 million in gold and silver in denominations small enough that we can use for payroll. We want to be able to keep our employees paid, safe and our site up and running during a financial crisis.”
The Overstock.com chair espoused the benefits and advantages of gold over the fiat paper hegemony. He also criticized the Federal Reserve’s inflation of the money supply as part of efforts to improve the United States economy. Johnson doesn’t buy it.
“At some point, there is going to be another significant financial crisis,” said Johnson.
At the time of this writing, gold is trading at around $1,200.
If you also want tips on how to protect yourself in the event of some disaster or collapse then check out the articles below:
12 things you must do to prepare for the economic depression in America
22 items that vanish from stores in an economic collapse or natural disaster
12 ways to protect yourself from the economic collapse
“We want to be able to keep our employees, paid, safe, and our site up and running during times of financial crisis,” he said. “We’re not big fans of Wall Street, and the big banks, and we don’t trust them. We foresaw the financial crisis.”
If we have a real financial crisis, not the hyped thing that happened in 2008, so the bankers could get access to the government piggy bank, no one will be spending money on the Overstock.com site. He must want to push up the value of his 10 million in Gold that has lost value if purchased when gold was over $1800. The price of Gold is going nowhere as long as stocks are doing great.