Is Tesla signaling a move into gold? Could this be a new trend for companies sitting on a pile of cash?
Kitco News Tuesday February 09, 2021 13:24
(Kitco News) – Bitcoin got all the attention after Tesla CEO Elon Musk announced a $1.5 billion investment in the cryptocurrency. But there was another major change to the company’s policy regarding cash holdings, and gold investors need to take notice.
Monday, not only did Tesla announce that it was investing in bitcoin and accepting bitcoin as payment for its vehicles, but the company also said that it could potentially invest in gold and gold-backed exchange-traded products.
“We may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future,” the company said in a filing with the Securities Exchange Commission.
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