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article imageDonald Trump exchanges lease for gold bullion

By Katerina Nikolas     Sep 21, 2011 in Business
New York - Donald Trump has made an unusual business transaction by leasing space in Trump Tower in exchange for a payment in gold bullion instead of dollars.
A company arranging a lease in 40 Wall Street, once the world’s tallest building, persuaded owner Donald Trump to accept gold bullion in payment instead of dollars. The company, American Precious Metals Exchange (APMEX) is one of the country’s largest sellers of precious metals. The Oklahoma business is expanding into New York and pulled off a great promotional deal with its unique business approach as it promotes the use of gold as an alternative to the dollar.
Michael Haynes, CEO of APMEX, personally presented Trump with “Three, one kilo, .9999 pure Gold bars, weighing in total approximately 96.45 troy ounces,” in return for leasing 10,000 square feet in Trump Tower, according to APNEX. The gold payment equated to $176,000. Haynes said he was “Pleased that Mr. Trump has agreed to accept Gold as a deposit on this lease, and in doing so expresses his confidence in Gold as a valuable, long term asset.” APNEX announced that Donald Trump said “The Trump Organization has always strived to be ‘the gold standard.’ The legacy of Gold as a precious commodity has transcended to become a viable currency and an accepted universal monetary standard.” He added “Central Banks around the world are holding Gold as a reserve asset. It is also a terrific, potentially lucrative diversifier in a portfolio, especially with such volatility in the stock market.” Trump also made a statement reported by Market Watch, saying “It’s a sad day when a large property owner starts accepting gold instead of the dollar. 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.” According to the Independent, the Trump already includes some gold in his personal portfolio.
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