Real estate's King Midas can't get enough gold. His plane is peppered with 24-carat fixtures and seat belts (see the video below), and his luxury buildings pretty much swim in the stuff.
But now, Donald Trump is raising the bar. Three bars, in fact. That's how many 32-ounce gold ingots he's planning to accept today as a security deposit from a new tenant of the building he owns at 40 Wall Street. According to the Trump website, the 72-story, "incredibly impressive landmark property" was at one time the tallest building in the world.
The security deposit, worth $176,000, is coming from Apmex, a dealer in precious metals. Apmex Chief Executive Michael R. Haynes proposed the idea to Trump. He told The Wall Street Journal, "I figured, Trump is a smart guy, and he'll realize that taking gold is a better idea than taking cash."
Trump has called gold a wise investment in the past, attributing much of the metal's appreciation to just one man: our president.
In February, Trump told Newsmax, "I think gold will go up as long as people don't have confidence in our president and our country. And they don't have confidence in our president." Yesterday he told the Journal that Obama "is not protecting the dollar at all," calling it a "sad day when a large property owner starts accepting gold instead of the dollar."
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