Last week, in a speech to the United Precious Metals Association, Jonathan Johnson, chairman of online retailer Overstock.com, revealed that the company had stockpiled gold and food for its employees in case the economy faces troubled times.
How much gold does Overstock have on hand? According to Johnson, the gold reserve is approximately $10 million in small, “button-sized” coins. The chairman of the publicly traded company stressed that the cache of gold was being held “outside of the banking system” and would be used to assure payment to employees in case the U.S. economy experienced a “bank holiday.”
In terms of food storage, Johnson stated that Overstock has enough survival food to feed all of its employees (plus one) for three months.
Watch the highlights from Johnson’s speech to the UPMA.
(H/T Zero Hedge)
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