Palisades Drops $500K On New Bullion Strategy
Palisades Goldcorp (TSXV: PALI) is evidently taking a page out of the uranium developer playbook, and has announced it has begun acquiring physical metals. The company has elected to allocate a portion of its “excess cash” into physical gold, silver and platinum bullion.
The strategy has already begun to be implemented, with Palisades making a C$500,000 purchase on February 28. That purchase is said to have consisted of 30% gold, 35% silver, and 35% platinum, although specific figures on how much bullion was acquired were not provided.
Purchases and storing of the bullion are being conducted through Silver Bullion Pte Ltd, a Singapore-based bullion provider which operates The Reserve, which is the largest capacity silver vault globally. The entity notably was founded by a director of Palisades, Gregor Gregersen, with bullion being offered to the company at preferred pricing.
“Holding physical gold, silver, and platinum ensures we have direct ownership of assets with intrinsic value, free from counterparty risk or digital vulnerabilities,” commented Collin Kettell, CEO of Palisades.
The company has indicated it may increase or decrease its holdings based on liquidity requirements.
Palisades Goldcorp last traded at $1.50 on the TSX Venture.
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