By Randy Desoto:
Is gold better than cash? Donald Trump accepted three bars of it as a security deposit when a new tenant moved into his 40 Wall Street property in New York’s financial district.
Michael Haynes, chief executive of APMEX, the tenant, convinced the real estate mogul that accepting gold offered the greatest security for him. “I figured, Trump is a smart guy, and he’ll realize that taking gold is a better idea than taking cash.”
Haynes gave Trump three 32 ounce gold bars for APMEX’s deposit, valued at over $100,000. At the time, Trump expressed concern about the nation’s currency. “It’s a sad day when a large property owner starts accepting gold instead of the dollar,” Mr. Trump told the Wall Street Journal.
“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,” the businessman added at the time.