At your next ATM: Gold

With gold prices soaring to new heights - driven in part by economic fears - Abu Dhabi's Emirates Palace Hotel this month opened a gold ATM for guests. Yes, guests at the hotel can withdraw gold from the world's first-ever gold dispenser.

A German firm created the ATM that dispenses the precious metal to meet growing demand for gold. TG-Gold-Super-Markt has plans to roll out 500 of the Gold-To-Go ATMs across Germany, Switzerland and Austria over the next year.

The ATM dispenses 24-carat gold bars in 1, 5, and 10 gram sizes in addition to gold coins. A computer inside the ATM keeps track of gold price in real time and updates frequently.

The firm's chief executive says the gold machines are more than a marketing gimmick and are intended to de-mystify the metal, make it easier for people to buy gold, and attract new buyers.

Ridiculous or could commodity money like this actually become acceptable again?

About the author

Daryl Paranada is the associate web producer for Marketplace overseeing all daily website content and production, as well as producing multimedia features -- including the popular economic explainer series Whiteboard -- and special projects. Follow him on Twitter @darylparanada.


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