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Do you think the U.S should do this?
CoinCrazyPA
Posts: 2,899 ✭✭✭✭
I think it would be a great way to get more Americans to invest, put American silver/gold eagles in it or even make US gold by the gram in $1 gold coins.
Talk about a heavy withdrawal.
In Madrid, Spain, a unique type of ATM, known as Gold To Go, dispenses gold bars and coins to customers in exchange for cash. Many might ask how an invention like this, the first of its kind in Europe (there is a duplicate device in Abu Dhabi), can serve as a practical means of trading currency.
"The big benefit for the client is to have gold at an always reasonable price, what you never can get on a daily basis in banks or with other deals," Thomas Geissler, Gold To Go's inventor, said during the unveiling of the device at the lush five star Westing Palace Hotel in Madrid.
In a time of economic uncertainty, Geissler believes that this twist on the ATM protects customers from devalued paper currency. And the machine has an internal computer which updates gold prices every 10 minutes.
"So if you want to buy gold at a good price you come to the machine and you buy, if you are looking for some small souvenir, the smallest souvenir is for 40 euro, you can find here in the machine," Geissler also noted.
Now, investors in Gold To Go hope that the device will usher in a new golden age of banking.
Talk about a heavy withdrawal.
In Madrid, Spain, a unique type of ATM, known as Gold To Go, dispenses gold bars and coins to customers in exchange for cash. Many might ask how an invention like this, the first of its kind in Europe (there is a duplicate device in Abu Dhabi), can serve as a practical means of trading currency.
"The big benefit for the client is to have gold at an always reasonable price, what you never can get on a daily basis in banks or with other deals," Thomas Geissler, Gold To Go's inventor, said during the unveiling of the device at the lush five star Westing Palace Hotel in Madrid.
In a time of economic uncertainty, Geissler believes that this twist on the ATM protects customers from devalued paper currency. And the machine has an internal computer which updates gold prices every 10 minutes.
"So if you want to buy gold at a good price you come to the machine and you buy, if you are looking for some small souvenir, the smallest souvenir is for 40 euro, you can find here in the machine," Geissler also noted.
Now, investors in Gold To Go hope that the device will usher in a new golden age of banking.
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Successful Trades: Swampboy,
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the question is if there is an "gold ATM location" to be found in the us where it would be profitable.
Beverly Hills?
Wall Street?
Las Vegas?
Successful Trades: Swampboy,
<< <i>it's a private firm.
the question is if there is an "gold ATM location" to be found in the us where it would be profitable.
Beverly Hills?
Wall Street?
Las Vegas? >>
I think in all the major cities to start with, and expand from there.
Successful Trades: Swampboy,
I am comfortable paying cash and receiving my purchase in hand..
You ever put money in a vending machine and not have it
dispense your purchase and not refund your money???
<< <i>Just have to wonder what their mark down from spot price is? >>
I think you mean mark-up which I imagine is fairly high for the convenience factor.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
The mark down will be there if they make machines that buy back the bars and give cash.
<< <i>wow, this is fascinating. I hope we see machines like this in the U.S. very soon >>
Probably not since it's too easy to rip them off their foundations and make off with the gold.
Folks do it to ATM's all the time.
The name is LEE!
minimal mark up.
It doesn't matter if it's stocks, real estate or gold, you need to know when it's time to start getting out. Will gold go up some more? Probably. Nobody knows for sure. But it's better to get out too soon then too late. Too many signs.
<< <i>I don't think that vending machines are known for their
minimal mark up. >>
Someone mentioned 30% mark-up on a similar thread. Sounds about right for something like this. I would think the % mark-up for the small bars/coins would be higher than for the larger ones.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>Most Americans have never owned or held gold in bar, coin or ingot form. Not sure there would be a market. A machine dispensing IPADS would be more likely. MJ >>
Or cheeseburgers.
Dang, then again I could get into a slice of NJ pizza
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
I'm hoping to have my friend pick one up for me as a souvenir when he makes his next visit to India.
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From the Indiapost website.
Now you can get 24 carat Gold coins from your Post Office of the denomination 0.5 g, 1 g, 5 g and 8 g. The gold coins will be packed in a sealed cover with the certification from Valcambi, Switzerland. 102 Post Offices in key cities have been identified for this purpose in Delhi, Maharashtra, Gujarat and Tamil Nadu Circles. This service is provided in association with World Gold Council and Reliance Money Limited.
"Inspiration exists, but it has to find you working" Pablo Picasso