ATMs Dispensing Gold Bars in USA

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Gold to Go in DubaiEarlier this year, you probably read about the ATM in Dubai that dispenses gold bars and laughed at its excess. Gold has become a hot investment topic as it rockets to $1300 a troy ounce, but an ATM that dispenses gold is something that only works in the business oasis that is Dubai, right?

It turns out that the German company that installs and runs the gold ATMs is planning on expanding into the United States this year. The company’s name is Ex Oriente Lux and the ATMs, named Gold to Go, are going to start numbering in the hundreds by next year. The machines update the price of gold ever ten minutes and dispenses gold in 1 gram, 5 gram, 10 gram, and 1 ounce units. It will also dispense coins like the South African Krugerrands (1/10th ounce, 1/4 ounce, and 1 ounce), Australian Kangaroos (1/10th ounce and 1 ounce) and the Canadian Maple Leaf (1/10 ounce) in a “precious gift box.”

Think these are necessary or just capitalizing on a craze? Doesn’t this sound very… mmm… frothy?

{ 20 comments, please add your thoughts now! }

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20 Responses to “ATMs Dispensing Gold Bars in USA”

  1. cubiclegeoff says:

    I wonder what the markup is. And seems ridiculous unless they come out with a machine that accepts deposits.

  2. zapeta says:

    Sounds pretty cool to me. I might buy gold from them depending on the markup.

  3. Daniel says:

    I knew those Cash-for-Gold folks at the mall were part of some larger sinister scheme!

  4. If this ever becomes popular, I’d buy.

    Stock in the company, I mean. “Precious gift box” just screams “markup”.

  5. Courtney says:

    This might be the worst idea EVER. The machines take Visa/Mastercard. I predict that there will be a huge rash of people who rack up huge credit card bills and then default because a) Gold is a great investment! or b) Gold is necessary because the dollar is going to crash! Either way we’re sticking it to the banks! They can pry my gold out of my cold dead hands!

  6. freeby50 says:

    I found an article from 2009 that said the machines had a 30% markup over spot at the time.

  7. shiftomnimega says:

    Someone will try to steal one of these. I’ll give a slight chuckle when it happens.

    • Highgear says:

      the best way to hide gold bars is to paint them and use them for Door Stops or Bury them in the Ground never keep them in banks..Banks will be Failing more and more just google where’s the best place to buy Gold Bars if you have the money but all this is signs of a Depression Coming if you know History

  8. billsnider says:

    In the Rome airport, there is a machine that will dispense a pizza and a box to carry it away in 3.5 minutes. You have your choice of five different toppings. That machine is worth gold to me and should be in the US.

    Bill snider

  9. Glenn Lasher says:

    It seems that the company behind this is brilliant. Their customers, maybe not so much. Realistically, though, the company is seeing a market and making the product available, simple as that.

    The trouble is that by the time that people are saying gold is a great investment, they’re saying it because it has already risen in value, which makes it not such a great investment.

    As for the collapse-of-the-economy crowd, they’re missing the point. The currency of a post-economic-collapse period will be goods and services, not gold.

    • Charles says:

      Buy low, sell high. Problem is if someone were to invest in gold, it’s a wee bit to late. Those who invested in large gold investments before the economic colapse are reaping the benifits now because gold was far cheaper then. Now that gold value has skyrocketed they sold what they invested and made probably 3 times or more than what they spent to start. Now is a bad time to buy gold because it to economy is way down and gold prices are soaring so even if you did buy, say an OZ, and sold it 6 months later you would profit very little. Gold is a long term investment which one has to have ALOT of patience with.

      Understanding the value of gold and the reasonings behind why gold is so valuble does indeed make it a highly valued precious metal in the trading world which would eventually hold more value after the dollar is gone than you think. Gold has many uses and highly important properties that other metals don’t and it’s of the rarest. No pun to you, just when the dollar goes gold will come to play for those goods and services. Nothing is free. Never has been, never will be. Basically look back to the day’s of the gold rush. See why it was such a big deal. The gold they worked hard to mine paid for the thing’s they needed and for some others who became wealthy depending on who hit enough to keep their heads about water and those who found enough to take care of their families for life.

  10. KP says:

    While this may work in the “oil-rich Gulf”, I’m not too sure about this working at hundreds of locations in the U.S. After all, I don’t know of any places where people flock to a “one million dollar tailor made suite holiday” here.

  11. FlyFisher says:

    Don’t see this working, and I am sure it is not a great deal for the consumer. Give em credit for trying to capture a market, but buying some of your investments at an ATM, really?

  12. cdiver says:

    Imagine the number of people who flock to these to purchase gold on credit cards and paying huge markups.

  13. jsbrendog says:

    i want a gold bar. i want a gold bar from a vending machine even more. unfortunately, at what the markuip will most likely be it is not going to happen

  14. Sounds like you will want to buy shares of ALL the major credit card companies, too.

    I wonder if the US Mint will hop on board and sell their bullion via this method as well?

    • Charles says:

      Lol. Yea. And just think though. The government created the paper dollar but you never see armed gaurds standing around those ATM’s. Merely only when in bags in large sums. Paper money in reality is worthless. The products used and tree’s used to make that money had far more value. Like tree’s being a plant that help clean the air and provide oxygen to breath or furniture etc.There’s ALOT that goes into the paper making process for basic paper but the government doesn’t use just any kind of paper. You can bet there’s an armed gaurd at everyone of those gold ATM’s!

  15. Jesyca says:

    Want some gold and don’t want to pay the mark-up from one of these? Just hang around and wait for someone to buy and rob them. Even if there was an armed guard at the atm, they wouldn’t be following the person all around. You would need to bring your own armed guard.

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