Believe it or not, a German company called Gold to Go is planning to launch 35 gold vending machines in the US this year, and a couple of hundred gold ATMs in 2011. The first machines will be in Florida and then Las Vegas.
“The machines, which update the gold price every 10 minutes to match international markets, take cash or credit cards and dispense small bars—including 1 gram, 5 gram, 10 gram and 1 ounce units—as well as coins such as South African Krugerrands, Australian Kangaroos and the Canadian Maple Leaf.”
In May, Gold to Go launched its first ATM in Abu Dhabi’s Emirates Palace hotel. There are currently machines in luxury hotels in Abu Dhabi, Madrid, Bergamo and at different locations in Germany.
Personally, I’m not a fan of this idea. I wouldn’t buy gold bars from a vending machine — you wouldn’t know what you’re really getting. Plus, the real benefit would only be in a dire emergency, but at that point it would be too late. I’d much rather invest in American Eagle gold bullion coins from a legitimate broker.
So, what do you think? Would you buy gold through a gold vending machine? Let me know your thoughts below.