Gold Bullion: Publicity stunt or genuine interest in gold?

Gold Investment - 26 September 2011

The market is in a spin about the fact that Donald Trump's newest tenant in the luxurious Tower is paying the organization in gold and not fiat money. Trump bought 40 Wall Street in 1995 and renovated the tower at the time. The building was the highest structure known to man way back in 1930.

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This will be the first time ever that the organization accepts gold rather than fiat money (non-redeemable paper notes, electronic money) in exchange for a lease. The precious metals dealer tenant will sign a lease for ten years and pay $50 per square foot for the office space. The gold bullion will be used as a deposit by APMEX, which is known as one of the biggest precious metals dealers in America. The client is leasing the whole floor on the fiftieth level at 40 Wall Street otherwise known as the Trump Tower. Michael Hayes handed over three 1 kilogram gold bars on Thursday. The bars are equal to about 96.45 troy ounces of gold. Trump welcomed his latest client with open arms and added that his organization would always strive to be the gold standard. Needless to say, gold has a proven legacy of being a preferred currency and this time around it is going to be no different.

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APMEX will take occupancy of the 10 000 square feet floor within the next three months. Initially, the company will have 25 employees. However, the company intends to expand to 200 employees over time. When this happens, the company will require more office space. The APMEX Head Office will however continue to be based in Oklahoma City while key finance and marketing will operate out of New York. This historic deal was brokered by Cushman Wakefield.

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