Overstock Holds 3 Months Of Food, $10 Million In Gold For Employees In Preparation For Collapse

originally posted by: AugustusMasonicus
And in a global calamity where currency is no longer able to purchase necessities what good is gold? What is your gold actually worth at that point?

Sound like you don't have any

Regardless you are wrong because gold has had value for 10 000 years

originally posted by: IsPopeTaken

Sound like you don't have any

I may not have any gold, but I do have an account.

Get it?

It also seems very un-strategic-like to announce a stockpile like this. It goes to my earlier point of it being hype.

originally posted by: AugustusMasonicus

originally posted by: CantStandIt
Maybe he intends to pay them for a short time even if there is no work to come to...? Not unheard of, some employers who wanted to keep good employees after Hurricane Sandy did similar... just not in gold bullion... that aspect is unique!

In a world were currency becomes useless what good is gold? You cannot eat it.

A new currency system would be up and running within a day, and money would be physically distributed within a week.

originally posted by: AugustusMasonicus

originally posted by: infolurker

I can maybe "assume" he is playing "levels" game. If the crash is "depression like", Gold will be worth a fortune. If it is worse, food, bullets, and survival gear will be the currency.

Which is my point since in a situation where it is so dire that currency becomes worthless gold also becomes worthless and the other items you mentioned will have more intrinsic value.

Could you point out to us which countries have had currency collapse and gold collapse at the same time?
Currency issued by governments becomes useless on a fairly regular basis---could you show me the time in history when gold became useless?

I don't know any gold owners who are expecting to eat it. The folks I know have a full pantry as well as investments in precious metals and brass/lead.

Had you bought a gallon bucket full of gold in 1999 and buried it in the back yard---do you have any idea what that bucket full of gold is worth today? How about a five gallon bucket full of silver dimes?

Both gold and silver have intrinsic value beyond the role of money. Both have medical applications as well as conductive properties which make them of value.

What? This miscreant has $10 million in currency on hand?

Obviously it's the proceeds of drug dealing. Send in the cops and confiscate it! Bonuses for everyone! New cars! A margarita machine in every cop's office!

originally posted by: Tardacus
if there is a bank holiday for 2 months how are people going to buy anything on the internet?
it`s not like people are going to mail $100 in gold coins to overstock.com to purchase something..

I suspect that 10 million in gold and the food that they have stockpiled is actually for the ceo and other bigwigs in the company. when times get tough they will take the gold and food and hightail it to their retreat in south America.

Naw, Overstock's HQ is in Salt Lake City, Utah. That's Mormon country. No doubt they are prepared with gold/silver and food supply. In fact, I bet if you look at Overstock's board of directors you might find overlap with them and the Wise Food company - also based out of Salt Lake City.

Might want to revise your statement - the CEO has gold/silver and food storage for Mormons that work for Overstock. That's probably closer to the truth.

originally posted by: FlyingFox
It also seems very un-strategic-like to announce a stockpile like this. It goes to my earlier point of it being hype.

Not hype... Mormons!

a reply to: WCmutant

A significant percentage of people out here have storage and stockpiles. Not everyone out here are Mormons. Its a way of life for us. And one which many of you should take up. Being well prepared isnt a religious thing. It is a smart thing.

a reply to: WCmutant
Like Smirkley said, it's more about being prudent than any religion. Those of us raised by families who weathered the Great Depression and passed down the methods for doing so have a supply of items necessary to survive a crisis, be it a natural disaster or a political one brought about by arrogant politicians.

originally posted by: smirkley
a reply to: WCmutant

A significant percentage of people out here have storage and stockpiles. Not everyone out here are Mormons. Its a way of life for us. And one which many of you should take up. Being well prepared isnt a religious thing. It is a smart thing.

I agree with that completely - being prepared being smart. But like many religious and ethnic groups, Mormons stick together. The Mormons have definitely built several businesses off the prepping idea, Wise Foods being a big one.

I also stand by my view that the supplies that have been built by Overstock are more than likely for their Mormon employees. Did a quick search online and there is reported (not verified) favoritism if you are Mormon and work for Overstock. I'd be surprised if they took care of Mormon and non-Mormon employees equally.

Regardless, it's not something any of us would know until it actually happens and by that time we should be in full on survival mode.

a reply to: WCmutant

I do understand your sentiments although from my perspective, I have to disagree on the assumption. Having lived out here for nearly a decade, I have found my Mormon freinds to be very kind and decent people. They would extend a hand to me if I were in need. That said there is a significant amount of people that are very quick to sharply criticize, and I feel that may be out of ignorance or lack of exposure. Sometimes what you read on the web has unfair bias.

Back on topic, I highly doubt that in time of serious need, Overstock would lower itself to the suggestion presented. From my exposure, I would fully expect that Overstock would do the right thing and support the needs of all their employees. There is no foundation to expect otherwise.