Please ensure Javascript is enabled for purposes of website accessibility Stockpiling Gold Just in Case

In case you've been pining for some coverage (oh, just admit it!), here's an update we've deemed worthy:

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

The coins are stored at an off-site facility. The company lists the holdings as a risk, since the value of the stockpile depends on fluctuations in market rates. For the first six months of 2015, the company reported a $52,000 loss on its holdings.

"That's very unusual," said Scott Schaefer, a professor of finance at the David Eccles School of Business at the University of Utah. "I've not heard of a company stockpiling gold before."

Given the context, I don't find it all that unusual. This is the same company whose CEO packs firearms into random luggage. The same company that has (and still) discloses social media as a risk to its reputation. Here's the 10-Q. It'll meet your expectations.

And here's company chairman (and Utah gubernatorial candidate) Jonathan Johnson explaining it to the United Precious Metals Association:

"We expect when there is a financial crisis, there will be a banking holiday," Johnson, Overstock chairman of the board, 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."

Also, accepts bitcoins, so if this imaginary banking holiday does in fact last two months and you suddenly need super-discounted furniture, rest assured that Patrick Byrne & Co. will be there for you.

[SLT, 10-Q]