Posted on 09/14/2011 5:29:56 PM PDT by dynachrome
In the latest development in the growing surge of support for a return to some form of gold standard, Donald Trump has decided to accept gold bullion as a deposit on a commercial lease. This follows a news story reported on earlier this year where Utah became the first state to legalize gold and silver coins as currency.
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, rather three 32-ounce bars of gold.
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.”
How will he know if they’re filled with tungsten?
He can afford to drill a bit of it! haha.
Good publicity stunt for both parties.
Let me run this by you: you are about to accept $176,000.00 in collateral. Are you planning to take a close look at it?
I’ve dealt with Apmex before. Good customer service. They started charging a premium for using a credit card, though. I prefer to use a credit card if ordering thru the internets, in case of a problem.
I’ve bot from them as well and am happy with their service. All bullion dealers, as far as I know, will charge a premium for CC use, because VISA/MC will charge them 2%, which is a giant part of their entire margin. Believe me, the margin on bullion sales is tiny.
What is good about APMEX is that you can secure your price once your CC is on file, but tell them you will later pay by pers ck and they will never charge your card.
This allows you to buy from their website on a overnight price dump, which can be beneficial and that’s when they often occur.
The only thing I don’t like about APMEX is their freight charges are highish, but they also have these 24 hour sales on silver rounds at 99 cents over spot, which is excellent.
Now I have to coordinate one of those sales w/an overnight dump...almost got that the other day but the sale didn’t start until Ag was a buck off its lows. I was actually going to pop for 40-50 rounds.
I appreciate your concern as to buying w/a CC for the protection, but in the case of APMEX, IMO there is no issue. They ship tons of the stuff, it’s all tracked and insured & signature req’d. Not a piece of worry, IMO.
I would think that detection is possible with:
I was gonna buy silver when it went below $20 again. I bought at approx. $26 last time. Well, heck, I probably have enuff. More lead for my next purchase!
The Donald is probably smart enough to have an old quarter lying around, just in case he want a big candy bar, or a few of those old silver dimes.
He didn’t get to be where he is by believing in the fiat dollar, except when it suited his purposes. We should all be so smart!
Buy some silver and gold with your savings, friends. The handwriting is on the wall. If you don’t want to read it, what can I say?
Interesting. Hard to cut a 32 oz. bar of gold up if you are just buying a candy bar.
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