Trump’s New Gold Standard

HOUSTON, September 14

There’s an interesting piece in today’s Wall Street Journal. Apparently, the billionaire real estate mogul, Donald Trump, is making headlines after he accepted a security deposit in the form of solid gold from one of his newest commercial residents at his posh 40 Wall Street building in New York City’s financial district. The new tenant’s ten year lease at the prestigious address required a whopping $176,000 security deposit. 

But there were no U.S. dollars involved in this transaction. 

Instead, the tenant coughed up three 32-ounce gold bars…

And while Mr. Trump didn’t require that the payment be made in solid gold, I am also sure that he probably did not mind.

Of course, it should be mentioned that the new resident is a popular gold dealer, American Precious Metals Exchange (APMEX.) It was a brilliant marketing strategy by the gold company given how easy Trump makes headlines.

All of this brings up a good question, however. Are we moving into an era where people and even businesses will readily accept gold and silver as a legitimate form of payment? I firmly believe that we are. How about you? Would you accept gold and silver as payment instead of U.S. dollars? What do you think?  

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Jerry Robinson is an economist, published author, columnist, international conference speaker, and the editor of the financial website, Followthemoney.com. In addition, Robinson hosts a weekly radio program entitled Follow the Money Weekly, an hour-long radio show dedicated to deciphering the week’s economic news.