You’re out on the town and hungry for gold… What do you do? Head over to the gold vending machine, of course.
Gold vending machines have popped up in a few select locations across the U.S. in the past few years. So far, they have been seen in places such as shopping malls, casinos, hotels, and scattered around New York City.
How do they work exactly? You put in your cash or card, and out comes a small gold bar or coin in a fancy little box. It’s a gold vending machine that acts much like a candy or electronics vending machine.
According to Reuters, the first ever gold-plated vending machine was launched in the Emirates Hotel in Abu Dhabi, and the first U.S. gold vending machine was placed in a shopping center in Boca Raton, Fla.
The German precious metals trading company that pioneered the gold vending machine concept stated that the machine provides investors with an extraordinary opportunity to purchase gold bars and coins of assured quality at competitive prices.
The company’s chief executive, Thomas Geissler, even went so far as to claim that gold ATMs may improve relationships between men and women, saying: “I have yet to meet a woman who does not like a gift of gold. It’s better than flowers. Flowers are more expensive. They wilt and you (as a man) don’t get as many points at home as if you bring gold.”
The machine requires a live internet feed, which reflects up-to-date gold market prices—thus allowing the customer to buy — or invest — in gold at fair market prices.
So, who actually uses these gold vending machines?
On Jan. 5, 2011, the Las Vegas Golden Nugget Casino installed their very own gold vending machine. According to the company’s website, the gold vending machine is in the same lobby as the world’s biggest gold nugget, the Hand of Faith.
The machine dispenses gold bars and coins, as well as casino souvenir pieces.
The gold vending machine concept has yet to catch on in the majority of U.S., but who knows, maybe one day they’ll rival for space next to the electronic vending machines in our major airports.
Do you think gold vending machines will ever catch in the U.S.?
Leave a comment below or join the discussion on Facebook, Twitter and Google+.
As long as they offer down to a 1/10 and a 1/20 of an ounce I. Think it has a good chance
Seen the one in Las Vegas. Selection was limited to 4 items: 1 ozt. US silver Eagle, and Pamp Suisse gold bars in 1, 5, & 10 g. weights. It didn’t take credit cards. This is a big contrast to their promo video I saw on YouTube, which said they’d also offer Krugerrands and US gold eagles and other items in various weights/denominations. And yes, it cost more to buy from said vending machine than to buy from the local -or online- store. But hey, it’s a cool novelty, a great way to remember your trip.
Sounds like a great place for criminals to lurk.
I think silver vending machines would be more acceptable in the US because the average person could afford a few ounces of silver vice even 1/10 ounce of gold.
Lol, exactly what I was thinking
I don’t think gold vending machines will catch on in the U.S. because most people are living from pay check to paycheck, and are barely making ends meet.
I wonder if it costs more to buy gold from a vending machine than to buy it online or from a store.
ATM Gold machines are extremely more expensive then online, even a lot more then going to pawn store. Also they take picture of Drivers license need social security and other personal identification info ready to be hacked. It will never catch on unless they get serious about competing with other sources. Its a novelty and for that reason they rip people off.