Those who took him seriously, however, and loaded up on US equities and the dollar, have been disappointed, as have buyers of Treasuries, who have even seen the haven status of US debt thrown into doubt.
When Donald Trump was sworn in as the 47th US president, he proclaimed the dawning of a new "Golden Age."
Around the 100-day mark of his second term, investors who took him literally - and bought the precious metal - have been richly rewarded.
