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I got to see StacksBowers new Gold ATM machine at the Golden Nugget in Atlantic City, I even bought

orevilleoreville Posts: 11,772 ✭✭✭✭✭
I will give more information on it in a little bit including my comments about it.

A Collectors Universe poster since 1997!

Comments

  • keyman64keyman64 Posts: 15,452 ✭✭✭✭✭
    I want to see pics of it! I have seen pics of the ones in U.A.E. and Saudi Arabia etc.
    "If it's not fun, it's not worth it." - KeyMan64
    Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners. :smile:
  • GoldbullyGoldbully Posts: 16,823 ✭✭✭✭✭
    image
  • TURBOTURBO Posts: 494 ✭✭✭


    << <i>image >>



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    image >>



    You all know I just love it!!!image
  • bigjpstbigjpst Posts: 3,031 ✭✭✭✭✭
    Not trying to hijack the thread, but here are some pictures of the one at the Gold Nugget in Las Vegas. Along with a big goofball who carted his whole family there while on vacation so he could buy something. image
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  • What an effort it would be to maintain in a very frenzy gold market............price changes ect ect
  • illini420illini420 Posts: 11,466 ✭✭✭✭✭


    << <i>Not trying to hijack the thread, but here are some pictures of the one at the Gold Nugget in Las Vegas. Along with a big goofball who carted his whole family there while on vacation so he could buy something. image
    >>




    That's awesome!!! image
  • PokermandudePokermandude Posts: 2,709 ✭✭✭


    << <i>What an effort it would be to maintain in a very frenzy gold market............price changes ect ect >>



    I took a look at the one in Vegas on my last trip. It is all electronic with up to date quotes based on the current spot. The premiums were high, but not as high as I had imagined they would be.
    http://stores.ebay.ca/Mattscoin - Canadian coins, World Coins, Silver, Gold, Coin lots, Modern Mint Products & Collections
  • stealerstealer Posts: 3,968 ✭✭✭✭
    I remember watching a video on these machines that said the prices the machine charges reflect instantly to market changes.

    Does that mean if gold tanks for only a 5 minute period and you're next to a machine, you'd get one heck of a good deal? image
  • Tdec1000Tdec1000 Posts: 3,851 ✭✭✭


    << <i>What an effort it would be to maintain in a very frenzy gold market............price changes ect ect >>



    I imagine that the premiums and the spot price changes are automatic.
    Awarded the coveted "You Suck" Award on 22 Oct 2010 for finding a 1942/1 D Dime in silver, and on 7 Feb 2011 Cherrypicking a 1914 MPL Cent on Ebay!

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  • TwoSides2aCoinTwoSides2aCoin Posts: 43,794 ✭✭✭✭✭
    That takes the work out of mining. I just have to dig in my wallet for an ATM card.


  • << <i>That takes the work out of mining. I just have to dig in my wallet for an ATM card. >>



    If you look at the picture again,please notice that it says "cash only". Don't know if an ATM card would work.
  • TwoSides2aCoinTwoSides2aCoin Posts: 43,794 ✭✭✭✭✭
    Okay, I'd have to dig into my socks.
  • bigjpstbigjpst Posts: 3,031 ✭✭✭✭✭
    I remember reading that it updates automatically to live market conditions. Cash only. I can't find the receipt right now, but I remember the breakdown of "VAT" taxes, and the premium was not really that much more unreasonable than normal bullion dealersimage
  • SwampboySwampboy Posts: 12,875 ✭✭✭✭✭
    Next time I'm in Vegas and I'm up, I'm gonna head straight for that machine.

    I usually just give winnings back to defray casino carpet shampooing costs etc. image
  • bigjpstbigjpst Posts: 3,031 ✭✭✭✭✭


    << <i>Next time I'm in Vegas and I'm up, I'm gonna head straight for that machine.

    I usually just give winnings back to defray casino carpet shampooing costs etc. image >>


    And another plus is that it's right down off Fremont street, so after we went and got some deep fried Oreos, and Twinkies.
  • orevilleoreville Posts: 11,772 ✭✭✭✭✭
    the Gold ATM machine in Atlantic City looks exactly like the one in Las Vegas. Sorry, I do have pics on my cell phone but am so bad in transferring the pics.

    As of right now there are only two machines like this in the country. A third one is coming out in July.

    The gold prices are updated every 60 seconds electronically. I was there on the weekend so I did not get to observe the price change mechanism in action.

    The following are the facts:

    1. The machine in Atlantic City includes 7% NJ sales tax
    2. Even though the machine has a slot for credit/debit cards, it only accepts cash and you better make sure you have the exact amount in bills as it does not complete the transaction without the exact cash amount.
    3. You must provide your passport, drivers license or other ID in order the transaction to take place.
    4. The screen states that you must pay cash for the gold bullion items but does not state that for silver bullion items. Regardless, you still need to pay cash for the silver items.
    5. The name of the StacksBowers firm in New York City with full address is prominently displayed on the side of the machine.
    6. the machine is located right smack in the middle of the lobby not too far from the check in front desk at the Golden Nugget in Atlantic City.
    7. The current promotion of the Golden Nugget in Atlantic City is that they are giving away a pound of gold bullion every day for the month of May, sort of a tie-in to this new machine.
    8. I stayed at the Harrah's Waterfront Tower over this past weekend so my wife and I got to walk over to the Golden Nugget as they had a lot of freebies over the "grand re-opening weekend" after they remodeled it after buying it from Trump (the old Trump Marina)
    8. the following were the prices including the New Jersey 7% sales tax on Saturday and Sunday April 28 and April 29th:
    .9999 fine Credit Suisse 5 G gold bar 332.00
    .9999 fine Credit Suisse 10 G gold bar 638.00
    .9999 fine Credit Suisse 1 ounce gold bar 1883.00 note these all included 7% NJ sales tax
    Maple leaf 1/4 ounce go,d 517.00
    US gold eagle 1 ounce 1939.00
    Liberty silver round 1 ounce 40.00
    US silver eagle 1 ounce 43.00

    all are enclosed in a black gift box. I believe it is made of a sturdy cardboard. I bought one US silver eagle as a moment of my visit. I did well on the slot machines there so it didn't cost.
    A Collectors Universe poster since 1997!
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    The sales tax is the deal breaker. MJ
    Walker Proof Digital Album
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  • lasvegasteddylasvegasteddy Posts: 10,408 ✭✭✭
    way too strange for me...image
    everything in life is but merely on loan to us by our appreciation....lose your appreciation and see


  • pf70collectorpf70collector Posts: 6,503 ✭✭✭
    Ouch. Too high of a premium for me. .
  • WTCGWTCG Posts: 8,940 ✭✭✭
    I haven't seen the one in Atlantic City but the one in Las Vegas at the Golden Nugget as pictured earlier I have inspected up close and in detail. The prices are electronically controlled and the machine sells bars and AGE coins. The prices, however, were way over the going rate for similar items. I remember when spot price was around $1700/ oz. the machine was charging $1980 or something like that for a 1 oz. AGE.
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  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Interesting, I wonder if there are a lot of sales? With such high premiums, I would guess the sales are mainly to inebriated winners... image Cheers, RickO
  • PerryHallPerryHall Posts: 45,296 ✭✭✭✭✭
    Sounds like you pay a heavy premium for the convenience and the instant gratification of buying from a machine. I wonder how popular they'll be after the novelty wears off and people figure out how much they are overpaying compared to buying from other venues including mail order bullion dealers to avoid the high sales tax.

    Worry is the interest you pay on a debt you may not owe.

  • CaptHenwayCaptHenway Posts: 31,499 ✭✭✭✭✭


    << <i>The sales tax is the deal breaker. MJ >>



    True, but the jewelry shops in Vegas can sell jewelry at a several hundred percent markup to "winners" and get away with it.
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • orevilleoreville Posts: 11,772 ✭✭✭✭✭
    It would be interesting to see if they would put in some PCGS graded coins in the vending machine?

    There, this thread is officially about PCGS. LOL.
    A Collectors Universe poster since 1997!
  • keyman64keyman64 Posts: 15,452 ✭✭✭✭✭


    << <i>The sales tax is the deal breaker. MJ >>

    That and the premium..............AND You must provide your passport, drivers license or other ID in order the transaction to take place is INSANITY!

    Here in FL...no sales tax, no premium over spot, no driver's license, no passport or other ID....and the end result is....

    You SAVE a couple hundred bucks and keep your privacy.

    Freaky.
    "If it's not fun, it's not worth it." - KeyMan64
    Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners. :smile:
  • TwoSides2aCoinTwoSides2aCoin Posts: 43,794 ✭✭✭✭✭
    Your idea is brilliant, Orville. I like it.
  • CaptHenwayCaptHenway Posts: 31,499 ✭✭✭✭✭


    << <i>

    << <i>The sales tax is the deal breaker. MJ >>

    That and the premium..............AND You must provide your passport, drivers license or other ID in order the transaction to take place is INSANITY!

    Here in FL...no sales tax, no premium over spot, no driver's license, no passport or other ID....and the end result is....

    You SAVE a couple hundred bucks and keep your privacy.

    Freaky. >>



    Say what? ID required???
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • keyman64keyman64 Posts: 15,452 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>The sales tax is the deal breaker. MJ >>

    That and the premium..............AND You must provide your passport, drivers license or other ID in order the transaction to take place is INSANITY!

    Here in FL...no sales tax, no premium over spot, no driver's license, no passport or other ID....and the end result is....

    You SAVE a couple hundred bucks and keep your privacy.

    Freaky. >>



    Say what? ID required??? >>

    oreville stated that REQUIREMENT #3 was a Driver's License, Passport etc was required to use the machine!!!!!!!!! Invasion of privacy, a free marketing address for Stack's Bowers to use probably since most people would use a driver's license etc......

    It is hard for me to believe that anyone would use that machine...because of the high mark up, taxes and invasion of privacy. How this makes sense to anyone is beyond me. I guess the suckers of the world and silly tourists will do it for some form of entertainment?
    "If it's not fun, it's not worth it." - KeyMan64
    Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners. :smile:
  • cmerlo1cmerlo1 Posts: 7,890 ✭✭✭✭✭
    The only advantage I see is that it would keep me from blowing my winnings. If I took them and bought gold I'd have to find a place to sell the gold (at a loss) to 'reinvest' the money at the blackjack tables...
    You Suck! Awarded 6/2008- 1901-O Micro O Morgan, 8/2008- 1878 VAM-123 Morgan, 9/2022 1888-O VAM-1B3 H8 Morgan | Senior Regional Representative- ANACS Coin Grading. Posted opinions on coins are my own, and are not an official ANACS opinion.
  • CakesCakes Posts: 3,450 ✭✭✭✭✭


    << <i>The only advantage I see is that it would keep me from blowing my winnings. If I took them and bought gold I'd have to find a place to sell the gold (at a loss) to 'reinvest' the money at the blackjack tables... >>



    You do have the comfort of getting the gold right then and there. Not in the mail, taking the day off just to sign for it, not using ebay, no scammers, no paypal disputes, etc... just a lot less complicated.
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  • Did anyone witness a gold purchase? What kind of interest do the machines get?
    John Feigenbaum
  • WTCGWTCG Posts: 8,940 ✭✭✭


    << <i>Did anyone witness a gold purchase? What kind of interest do the machines get? >>



    A few people were doing the same thing I was: taking a close look at the machine, items offered and asking price. Never saw anybody actually buy anything.
    Follow me on Twitter @wtcgroup
    Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
  • bigjpstbigjpst Posts: 3,031 ✭✭✭✭✭
    I didn't need to give any ID, but that was over a year ago.
  • TwoSides2aCoinTwoSides2aCoin Posts: 43,794 ✭✭✭✭✭
    I buy my gold the old fashioned way. Face to face.
  • illini420illini420 Posts: 11,466 ✭✭✭✭✭


    << <i>I didn't need to give any ID, but that was over a year ago. >>




    Maybe it's a New Jersey thing... I heard they don't even let their people pump their own gas!

    I'll have to remember to try it out on my next Vegas trip provided that I haven't already lost a ton!

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