Automatic teller machines (ATMs) — 500 of them — dispensing pieces of gold will be available around Germany, Switzerland and Austria by the end of this year.
That at least is the plan of German precious metals online trading company TG-Gold-Super-Markt.de. The ATMs, to be located at airports, railway stations and shopping malls, are intended to accustom ordinary people to the idea of investing in a physical asset such as gold, the thinking goes.
Thomas Geissler, the company’s chief executive, said the gold ATMs might even improve relations between the sexes.
“I have yet to meet a woman who does not like a gift of gold. It’s better than flowers. Flowers are more expensive. They wilt and you (as a man) don’t get as many points at home as if you bring gold,” he said.
A prototype ATM on display for a one-day marketing test at the main railway station in Frankfurt, Germany’s financial capital, did indeed reward your correspondent with a 1-gramme (0.0353 ounce) piece of gold.
It cost the equivalent of $42.25 — a 30 percent premium over the spot market price.
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- Posted by German Firm Plans Gold ATMs To Meet Growing Demand | DisinformationThe sad fact is that the dollar will implode if inflation is not halted. However, to stop inflation under the current system is practically impossible as the entire nature of the financial system (the fiat monetary system) is inflationary in nature. What would be necessary is reverting to a gold or silver standard.
- Posted by Travel Resorts[...] The company believes that the time of financial turmoil, gold is more conducive to price, this is the best time to buy gold. Source Link [...]
- Posted by World Health Life » Blog Archive » Gold vending machine[...] tradition continues. This month alone, Germans released a 24K gold bar vending machine, and an Italian entrepreneur exhibited a machine that makes pizza from scratch. These machines are [...]
- Posted by The World’s 10 Weirdest Vending Machines | Business PunditI’ll sell my home produced Honey products for Gold, any day of the week!
- Posted by beestingCould it be that we’re finally going to start trading with real money?
I have a feeling that this concept will take off like wildfire!
We need honest money! This is one step closer!
- Posted by Sam[...] Brian H. was the first of several readers to mention this interesting wire service story about new ATMs that dispense gold: Gold To Go. [...]
- Posted by Odds ‘n Sods: | Theology TodayChris,
Very true, my 30% comment was not exactly spot on.
I think it will be awesome to have these vending machines around, especially during the runs on getting hands on the physical. I remember last year when all the coin dealers where cleaned out and bullion dealers online were posting banners that said three month wait for delivery. Wow. Some people were giving their left nut on ebay just to get some physical coin and bullion whatever it was, silver, gold, plat. No, dont get me wrong I hope there arises some competition in this area and different vendors take notice of how wonderful an opportunity and a service this is. And yes, true I did shoot my mouth off a little to quickly, smaller denominations do come with higher premiums. My bad. Just got a little excited was all. My humble apologies. Peace.
- Posted by Josh30% markup? Just when you thought ATM fees couldn’t get any more obscene. Hope you were spending company money for the experiment.
- Posted by Brian FoulkrodLet me have 24k gold and not that 14k brass that is being sold around here and I may consider purchasing some to ease my mind.
- Posted by DanIs gold still cheaper in Dubai? Must check it out.
Right on! What a magnificant idea! Precious metal “token” investments made as simple and convenient as a thirty second pause at your local ATM. Beautiful. Truly Brilliant!
May honest money catch on like wild fire! … Setting a blaze the decietful betrail of unethical, immoral, debased, contracual fraud; commonly called “bank notes” or “tender”.
PAPER IS PAPER; MONEY IS MONEY! Fraud is Fraud!!
- Posted by Lady BeanWow…I hadnt realized that gold dealers would be allowed to circumvent banking/financial laws by removing the euro from the market in exchange for gold with a +30% price.
Or is the gold standard about to make a return?
- Posted by Sean Robert MeaneyProbably the most bullish peice of news for Gold — even more so than China building up reserves.
- Posted by AhmedIf this catches on, it brings up the dangerous issue of ‘transactional’ value of gold — i.e. it could mean the end (or atleast the beginning of the end) for fiat money…
Nobody “invests” in precious metals unless they invest in a mine, mint or a refinery like the spanking brand new one coming on stream in Bolivia, http://www.Royalsilver.com. You SAVE physical gold, silver, palladium etc. PM’s always hold their purchasing power and right now and for the future a 30% premium at current price is not bad considering you make it all back and more within a 12 month period. If you bought a few fractional Eagles etc. a year ago at 30% you are now ahead. Physical PM’s accessible to you in 5 minutes [this rules out all ETF's, bank safety deposit boxes etc.] are always the smart move. If you can’t touch it, you don’t own it.
- Posted by ChuckIs there anyway to guarantee that what I get was not a dental filling from some dead person? I’ll stick with Platinum, Catalytic converters aren’t nearly as icky.
- Posted by Geo8rge