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News In Brief

At your next ATM: Gold

Daryl Paranada May 27, 2010

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?

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