Gold-to-Go Gold Vending Machine
Vending machines that dispense gold bullion and coins may soon be appearing in selected markets in the United States.
Gold to Go, the German company that manages these gold vending machines plans to install a couple of hundred of the vending machines this year, first in Florida and then Las Vegas. The company has expanded rapidly as it takes advantage of the demand for gold in economically uncertain times.
The company unveiled its first gold vending machine in May at a luxury hotel in Abu Dhabi. Currently they are operating in top hotels in Abu Dhabi, Madrid, Bergamo and various locations in Germany.
The machines are gold in color, resembling a 6 foot tall gold ingot. They automatically update the price of gold every 10 minutes. Payment for gold purchases may be paid using either a credit/debit card or cash. Gold is dispensed in small bars ranging in size from 1 gram to 1 ounce, or as gold coins such as the Canadian Maple Leaf, the South African Krugerrand, and the Australian Kangaroo.
Major gold consumers such as India and China will have to wait until next year to use the Gold-to-Go facilities
Gold’s rally this year has come largely as a product of investor unease over the weakened economy.
This anxiety has been demonstrated by increased sales of coins and gold bars from government mints. Gold sales soared in 2009 in particular, as the global economy slowly emerged from recession, as well as this year while questions about the recovery remain unanswered..
However, there is a concern that, with the price of gold near an all-time high, public demand for gold products might decline..
Gold to Go, which acquires the bullion from refineries in Switzerland and Germany, first tested the gold vending machines in 2009.
