Palantir Technologies buys gold worth $50.7 million

August 24, 2021 16:00

As we commented yesterday in our weekly outlook analysis, this morning, we have known the important quarterly data of the German GDP which has been better than expected by the consensus of analysts after during the second quarter the German economy grew at a rate of 1.6%, leaving the growth of GDP year-on-year by two tenths above what was expected by the market consensus reaching 9.8%.

In principle this would reinforce the idea that we are still on the path of growth and economic recovery, but as we discussed yesterday, the preliminary PMI data were quite negative so this could be a sign that the impact of the Delta variant could be greater than expected putting the economic recovery in trouble as with oil.

The reality is that uncertainty about the future continues to grow every day if we take into account the geopolitical changes that involve, for example, the exit from Afghanistan and possible future conflicts,  the struggle for global hegemony between the United States and China or the possible effects that future variants may have and the evolution of the pandemic that began more than a year and a half ago.

If we add to all this the uncertainty and volatility that can be generated in the financial markets in view of the economic measures that bodies such as the Federal Reserve or the European Central Bank can take to fight inflation, such as the rise in interest rates and the progressive reduction of their respective balance sheets after the large amount of asset purchases that have taken place in recent years,  it is not surprising that more and more people doubt the capacity of these bodies and FIAT currencies, looking for alternatives in cryptocurrencies or returning to gold as in the case of Palantir.

Palantir is an American company founded in 2003, and specialises in big data, which mainly focuses on the creation and implementation of software platforms for intelligence and defense services for government agencies whose IPO occurred on September 30, 2020 with an estimated market value of $22 billion dollars.

This company presented on August 12 its quarterly results for the second quarter of the year and as in all its results presented after its IPO, these exceeded expectations after obtaining a profit per share and revenues of $0.04 per share and $375.64 million respectively.

But what strikes us most in relation to this company, is that recently, it has announced the acquisition of $50.7 million in gold bars as part of its risk diversification strategy before a possible event of "Black Swan" in the stock markets thus showing its doubts about the future.

In addition to this purchase, we must take into account that Palantir also announced that it would accept payments in Bitcoin and gold, although at the moment no one has paid them yet with these.

Technically speaking, after a spectacular rise in the stock market throughout 2020 and during the beginning of the year, Palantir is currently far from the all-time highs reached last January around $45 per share where a sharp correction began that led it to mark annual lows around $17.70 per share.

At the moment, Palantir is trading near the psychological level of $25 per share and breaking this level could give wings to a new upward momentum that would have to face several levels of resistance before reaching its highs. On the contrary, it seems that this company has found a significant level of support in its average of 200 sessions in the red after repeatedly bouncing on this since the middle of last July.

Source: Daily chart of Palantir from Admiral Markets MetaTrader 5 platform from December 10, 2020 to August 24, 2021. Prepared on August 24, 2021 at 11:40 am CEST. Please note that past returns do not guarantee future returns.


Evolution of Palantir on the Stock Exchange:

  • 2021: 11.83% (first half)
  • 2020: 147.89%


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