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Jonathan Johnson on Budget & Economy

 

 


Kept $11M in gold coins in case of financial crisis

Under Jonathan Johnson's leadership at Overstock.com, the company has socked away $10.9 million in gold and silver and has a three-month food supply for each employee, bracing for a financial crisis that the Republican gubernatorial candidate said is certain to come.

Johnson told the United Precious Metals Association--a group that was behind legislation to make gold legal tender in the state--that the company keeps small button-sized gold and silver coins outside the banking system. "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 and safe and our site up and running."

On Overstock's last quarterly report, the company listed $10.9 million in "precious metals" among its assets--$6.3 million in gold and $4.6 million in silver.

Source: Salt Lake Tribune on 2016 Utah gubernatorial race , Nov 2, 2015

Other governors on Budget & Economy: Jonathan Johnson on other issues:
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Page last updated: Jul 19, 2017