Some may remember the post we wrote back in May about Gold dispensing ATM’s being used in Abu Dhabi. Starting next month, you won’t have to go as far to try out one of these new gold dispensing ATM’s. In November, if you happen to visit a prominent Las Vegas casino, which hasn’t been disclosed yet, or are visiting sunny Boca Raton, Florida you can now have your chance to buy gold.
The ATMs manufactured and distributed by Gold to Go, will dispense gold coins and bars weighing up to eight ounces at prices updated every 10 minutes based on the real-time spot price of gold. These ATM’s are expected to churn out 20 to 100 gold pieces a day depending on traffic. While Las Vegas and Boca Raton are some of the first to receive these machines in the US, more than 20 locations across the globe are also scheduled to have these machines installed.
Expect to see Gold dispensing ATM’s show up in New York City, Los Angeles and the state of Minnesota. The maker of the Gold ATM’s says that they have picked these locations so far because that’s where most of the inquires have come from. Toronto and Vancouver could be next on the list.
It will be interesting to see what happens with these Gold ATM’s over time, depending on the status of the economy. The Gold machines started showing up when the economy was worse because some felt safer investing in a tangible item. Current customers of these gold machines seem to be at opposite ends of the spectrum. On one end you have consumers buying small amounts as gifts or as a novelty. At the other end, there are wealthier consumers buying full size 8oz bars at full price.
For the full article, please see CNN Money.