Wednesday, September 14, 2011

Trump to Accept Gold Bars for Security Deposit on Office Rental

Donald Trump follows in the footsteps of Michelle Bachmann (I read Mises at the beach) and Rick Perry (Bernanke actions are treason) in developing sound bites out of Ron Paul ideas.

WSJ has the details on the latest gimmicky Trump headline grabber that was the original idea of  the new tenant:
On Thursday, the newest tenant in Donald Trump's 40 Wall Street, a 70-story skyscraper in Manhattan's Financial District, will hand Mr. Trump a security deposit worth about $176,000. No money will change hands—just three 32-ounce bars of gold, each about the size of a television remote control.
The occasion will mark the first time the Trump Organization has accepted 99.9% pure gold bullion, rather than cash, as a deposit on a commercial lease. The tenant, precious-metals dealer Apmex, will sign a 10-year lease for 40 Wall's 50th floor at a leasing rate of about $50 a square foot, according to Apmex Chief Executive Michael R. Haynes. The company is promoting the use of gold as a replacement for cash in some situations.

"Gold has been a valuable asset class for the last 10,000 years, but the world has drifted away from it," Mr. Haynes says. "I figured, Trump is a smart guy, and he'll realize that taking gold is a better idea than taking cash."

Mr. Trump said he sees the deal as a repudiation of the Obama administration's economic policies, of which he has been a vocal critic.

"It's a sad day when a large property owner starts accepting gold instead of the dollar," Mr. Trump said in an interview. "The economy is bad, and Obama's not protecting the dollar at all....If I do this, other people are going to start doing it, and maybe we'll see some changes."

Mr. Trump said he has some gold in his personal portfolio, but declined to say how much.


  1. "No money will change hands—just three 32-ounce bars of gold, each about the size of a television remote control."

    I see what you did there, WSJ.

  2. NWO mouthpiece supports gold. SELL!

  3. Gold is not money.

    Gold is not money.

    Gold is not money.

    Now, WSJ, just click your heals together and it may come true...

  4. There's even a gold-dispensing ATM machine in Dubai. It still needs to be seen if its value won't be affected by inflation.