UAE - world's first gold bar vending machine
The world’s first gold bar vending machine has been unveiled at Emirates Palace.
The Gold To Go machine, itself covered in 24-carat gold, dispenses one, five and 10 gram bars as well as one ounce bars of gold, the National reported on Thursday.
Six gold coins of varied weights and engraved with symbols of gold-producing nations Canada, Australia and South Africa, are also dispensed by the machine.
About AED175 will buy a one gram bar, AED760 a five gram bar and AED4,645 an ounce, the paper reports.
“It brings gold to the public,” Thomas Geissler, the chief executive of Ex Oriente Lux AG, told the paper. “It demystifies it.”
He said the German-made vending machine is the first of its kind in the world.
Gold To Go is protected by a range of security measures, including anti-money laundering software. It also tracks the gold price on fluctuating markets with an inbuilt website that transmits the information every 10 seconds, and updates the price accordingly every 10 minutes.
http://www.arabianbusiness.com/588091-uae-unveils-worlds-first-gold-bar-...
If you take away the thoughts of ostentation or vulgar display of wealth is this the future of ATM's and monetary system??
If you really consider that paper money is losing its value all around because of inflation and over supply of money does it not make sense to have limited or finite quantity as exchange currency as gold supply is limited. Paper money in theory is meant to be backed by physical value but it is not so. Every nation is printing away denominations based on perceived value of services and not physical.
What do you think???
Do you think you would be carrying fractions of gold bars in your wallet in future??
Exactly, global economy is based on 'consumerism' and quality population (in terms of education, health and financial strength)
India has strong and bright future, just need continuous quality control checks to ensure consistency in quality population growth :)
The way things are going anything is possible. The world economy is based on consumption and is like a house build on cards. .
Another one of those useless inventions.....
Back to basic
Barter exchange....provide gold coins to buy regular meals?
victory, it would be riot in INDIA then...lol
It will stay there and will rise further as it is considered a safe bet as a hedge. The demand is going up very strongly as the currencies values are expected to go down..
we shall introduce Gold ATM in India and let it get robbed by those who need GOLD in emergency ;D
Gold is volatile. 300 $ in the 90's. Over thousand now. But who says it will stay there?