Article wrote:A gold-vending machine — Gold to go — installed in the Emirates Palace hotel in the capital became operational on Wednesday. The machine attracted hundreds of tourists and locals.
The machine dispenses 24-carat gold of 5 grams to 250 grams on inserting UAE dirhams. One gram of 24-carat gold’s cost at the machine is Dh175 while in the local market, it is available at Dh149.50 (the rate on Wednesday).
It also vends gold coins bearing logos of Emirates Palace, Krugerrand, Maple Leaf and Kangaroo, which are packed in gift boxes.
Thomas Geissler, CEO of Ex Oriente Lux AG, who unveiled the machine, said the ATM is the first of its kind in the world. Developed by TG Gold-Super-Markt, a brand of Ex Oriente Lux AG of Germany, the new vending machine will be installed in the dome of the luxury holiday resorts, big shopping malls, and landmark locations of England, France and Italy in the coming weeks.
Gold to go is a special gift idea combining the joy of giving with an investment in a precious metal — physical gold, after all, is still one of the most sustainable forms of investment, Geissler said.
A computer inside the machine ensures that the real-time prices are updated in line with the online shop at Gold-Super-Markt.de. This eliminates the risk premiums usually associated with precious metal trading, Geissler explained.
“If you ever have the privilege of staying in a place as wonderful as this, you will surely want to take a special souvenir home with you,” Geissler said.
The gold ATM is largely burglar-proof and tamper-resistant as it is equipped with certain kinds of software. In case, the machine fails or there is a glitch, it will automatically shut down.
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So what does NSG think? Crazy excess? Maybe a time to visit Abu Dhabi with a tow truck?
As one person puts it:
"It would be awesome if there was a big window on the front and the gold units were nestled into those amusingly temperamental rotating coils like in regular vending machines. It would add an element of chance to the whole affair. I'd love to see some kajillionaire banging on the glass, trying to get a piece of jammed gold to fall."
sig'd
