view in one page and print
http://money.cnn.com/2010/05/27/news/companies/gold_atm/index.htm
A GOLD to go ATM debuts in Abu Dhabi's Emirates Palace Hotel
By Blake Ellis, staff reporter
May 28, 2010: 9:07 AM ET
NEW YORK (CNNMoney.com) -- As economic fears drive gold prices to new highs, the creator of a gold-dispensing ATM is attracting attention around the globe.
Germany-based GOLD to go, which is currently churning out 50 gold machines a month to meet a recent jump in demand, launched its first ATM in Abu Dhabi's Emirates Palace Hotel earlier this month and opened its second in Germany last week.
The golden ATM's next destinations are the Bergamo Airport in Milan, Italy, all major airports in Malaysia, one of Russia's biggest banks and an undetermined location in Turkey.
By making gold investing as easy as buying a candy bar from a vending machine, GOLD to go hopes to attract average buyers to the gold market.
"We are going to make gold public with these machines," said Thomas Geissler, CEO of Ex Oriente Lux AG, which owns GOLD to go. "The prices are so easy to control that we're going to de-mystify gold and make it easier for anyone to buy it."
GOLD to go's ATM looks like a vending machine and dispenses gold coins and bars weighing up to one ounce at prices updated every 10 minutes based on the real-time spot price of gold.
ATM-owners can choose from a variety of other gold items, such as gold Canadian maple leaf coins, South African Krugerrands, and even some custom designs. For example, the special edition gold medallion it engraved with the Palace Hotel's logo was created for the United Arab Emirate debut.
Video
See the gold-vending machine in action
Earlier this month, gold prices hit an all time high of nearly $1,250 per ounce, and the precious metal has continued to climb as euro zone countries struggle with debt and investors worry that the region's problems could spread globally.
Until this uncertainty in the market eases, the demand for gold will only grow, said Carlos Sanchez, a precious metals analyst at CPM Group.
"[The ATM] is just a reflection of the demand from consumers and investors for exposure to gold," he said. "As long as prices continue to trend upward and investors remain concerned over economic and political conditions, I think we'll keep seeing strong demand for safe-haven assets like gold."
____________________________________________________________________________
Leave a comment
(if you having troubles, try posting your comment on this page or send an email to chronicle @ itbhuglobal.org)Institute of Technology, Banaras Hindu University
Varanasi 221005, UP
Just desire to say your article is as astonishing. The clarity to your submit is simply cool and i can assume you're knowledgeable in this subject. Fine with your permission let me to grasp your feed to stay up to date with approaching post. Thanks a million and please keep up the gratifying work. auto insurance virginia
August 10, 2011 5:46 AM