The re-seller Overstock has always been a bit of a Wall Street outsider.
For example, Overstock CEO Patrick Byrne crusaded against naked short
sellers. But Overstock's Chairman Jonathan Johnson spoke at the United
Precious Metals Association, or UPMA, recently and he said an
astonishing thing:
"We are not big fans of Wall Street and we don't trust them. We
foresaw the financial crisis, we fought against the financial crisis
that happened in 2008; we don't trust the banks still and we foresee that with QE3, and QE4 and QE that at some point there is going to be another significant financial crisis.
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."
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."
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