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Massive American Company Reveals Unheard-Of Move That Should Be A Warning To Every American
This article is sponsored by one of our valued partners, Birch Gold Group.
Utah gubernatorial candidate and Overstock.com CEO Jonathan Johnson stated that his company has stockpiled gold and silver in preparation for a financial crisis.
The candidate spoke of his company’s decision at the recent United Precious Metals Association meeting in Salt Lake City.
“We expect when there is a financial crisis, there will be a banking holiday,” Johnson told the group. “I don’t know if it will be two days or two weeks or two months. But we have $10 million in gold and silver in denominations small enough…that we can use it for payroll.”
“We want to be able to keep our employees, paid, safe, and our site up and running during times of financial crisis,” he added. “We’re not big fans of Wall Street, and the big banks, and we don’t trust them. We foresaw the financial crisis [in 2008].”
Overstock.com is an online retailer, similar to Amazon, with over $1.5 billion in sales in 2014, according to MarketWatch.
The company’s last quarterly report with the Securities and Exchange Commission showed it had $10.9 million in “precious metals” listed among its assets, which consisted of $6.3 million in gold and $4.6 million in silver.
Peter Reagan, a financial market strategist at precious metals dealer Birch Gold Group, lauded the company’s move, saying, “Overstock.com clearly recognizes that putting all of its assets into Wall Street is not prudent. So for them to diversify by moving out of stocks and cash is a no-brainer, just as it should be a no-brainer for any person or business of any size. We all know the merits of diversification, and a move into hard assets such as gold can help protect one’s savings during these financially uncertain times.”
https://t.co/lhTFssEa2Q has $10MM in #gold to protect from financial crisis. Just as important for purposes of diversification.
— Birch Gold Group (@BirchGold) November 4, 2015
In 2011, current Utah Gov. Gary Herbert (R) signed the Utah Legal Tender Act into law, which approved gold and silver for financial transactions. Additionally, “This year, American Express began issuing cards that draw from the gold and silver accounts,” according to the Salt Lake Tribune.
“Proponents of gold contend that the U.S. dollar is essentially worthless because it has not been backed by gold since 1971. Their concern is that the dollar will collapse and drive the international banking and economic system into chaos. When that happens, the theory goes, gold, silver and precious metals will become the only currency of value,” the Tribune added.
As reported by Western Journalism, the Federal Reserve has also been preparing for the possibility of economic turbulence by requiring the nation’s eight largest banks to increase their capital levels “above industry requirements to cushion against unexpected losses and reduce the chances of future taxpayer bailouts.”
Gold is up 57 percent since 2008, fueled, in part, by the massive increase in the money supply created by the Federal Reserve, which was used to help finance the nation’s unprecedented government spending binge. The Feds currently hold over $2.5 trillion in government bonds purchased with money created out of thin air.
The National Debt, in turn, has doubled since 2008 to over $18 trillion. Trillions of the federal government’s deficit spending has been financed by overseas governments, like China and Russia, which do not always have the United States’ best interests at heart.
“We don’t know when the next crisis will hit,” said Mr. Reagan of Birch Gold. “But for those who would like to prepare, we always say it’s better to be a year early than a day late. Plus, with gold currently selling under the cost to produce it, this may be the last best chance for Americans to buy the metal.”
To join the 1000s that are moving their savings to physical gold to protect from increasing uncertainty, request a free Info Kit on Gold from Birch Gold Group right now – there is ZERO cost and ZERO obligation to you. All you need to do is enter your details at www.birchgold.com
Source: http://www.westernjournalism.com/massive-american-company-reveals-unheard-of-move-that-should-be-a-warning-to-every-american/
