A company based in Germany is bringing new Automated Teller Machines to the US. These ATMs will not be dispensing cash, but will be dispensing gold bars and gold coins. Just put in your debit or credit card, or cash and in return you will receive physical gold in one gram, five grams, ten grams and one ounce sizes. The types of gold coins will vary but expect to see coins from Canada and South Africa. Due to internet connections the gold price will be updated every ten minutes.
The company, Ex Oriente Lux AG, reportedly will be placing thirty-five ATMs in various locations around the US within the year, with hundreds more to follow in 2011. The ATMs will sport the logo “GOLD To Go” at the top of the machine. The US is not the first country to get these machines. The first one was placed in Abu Dhabi in the Emirates Palace hotel in May of this year, and others were recently placed in Madrid, Bergamo and Germany. The first machines for the US are destined for Florida and Las Vegas.
Thomas Geissler, “Gold to Go” inventor, said “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, 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.”
Gold to Go obtains their gold from refiners in Germany and Switzerland and operates on small spreads. They claim to be happy to sell their gold at any price. The machines were first tested in 2009 and the demand in China and India will have Ex Oriente Lux AG expanding into those countries next year.
The introduction of these machines shows that the demand for gold from the general public is beginning to grow. For the most part the public has been on the sidelines during this entire gold bull market. It is estimated that less than 3% of the public owns gold. Does anyone you know own gold? Do you own gold?
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Chief Market Analyst, ITM Trading