Look like when we need to buy a precious metal in the near future, we just need to find this vending machines, "GOLD To Go". Abu Dhabi's Emirates Palace Hotel became the first place outside Germany to install "gold to go, the world's first gold vending machine," said a statement from Ex Oriente Lux AG, the German company behind the vending machine. The exterior of the machine is coated with a thin layer of gold and offers customers 320 items to choose from, ranging from 24-carat gold bars weighing 1, 5, and 10 grams as well as gold coins from Canada, Australia, and South Africa. Each comes in a gift box.
Photo: Bars and coins come out of the hotel vending machine in a gift box
Gold rates are constantly updated inside the shiny machine in the hotel's lobby, courtesy of a built-in computer connected to a dealer which sells gold online Through a computer system, the ATM gold machine updates the gold price every 10 minutes to match international markets. Users feed dirham notes, the local currency, into the machine but it may be possible to use credit cards in the future. The company says the prices are competitive because there are no staffing costs for the machine.
Photo by Reuters: A man uses an ATM that dispenses gold bars.
"This eliminates the risk premiums usually associated with precious metal trading," the German company said.
Hotel general manager Hans Olbertz said they wanted the hotel to be the first in the world to offer guests what he called "this golden service." The machine is the brainchild of Thomas Geissler, a German businessman who said Abu Dhabi was best placed to launch of the invention because of the region's high demand for gold.
"On the first night we had a lot of demand," Thomas Geissler said.
"One customer even bought one item of every product we have."
"All the gold is imported from Germany, and soon we will have a customised gold bar with a print of the Emirates Palace logo, which will be a nice souvenir for guests to take home."
The Emirates Palace is often used by visiting foreign dignitaries, and its top floor is reserved for the rulers of the UAE federation's seven emirates, each of whom has his own suite.
Photo by AFP: A man inserted Dirham in the machine.
Depending on its contents, the machine can weigh up to 1,000 pounds. It's nearly 6 feet tall, and, of course, features a gold-leaf finish. Users navigate menu choices via a 19-inch touch screen, and can pay for their gold with cash or credit card. The machine can handle up to 10 products, and inventory is monitored with RFID tags. Security features include a camera and an ID scanner to prevent money laundering. Ex Oriente says its machine is "largely burglar-proof and tamper-resistant."
Photo: Bars and coins come out of the hotel vending machine in a gift boxGold rates are constantly updated inside the shiny machine in the hotel's lobby, courtesy of a built-in computer connected to a dealer which sells gold online Through a computer system, the ATM gold machine updates the gold price every 10 minutes to match international markets. Users feed dirham notes, the local currency, into the machine but it may be possible to use credit cards in the future. The company says the prices are competitive because there are no staffing costs for the machine.
Photo by Reuters: A man uses an ATM that dispenses gold bars."This eliminates the risk premiums usually associated with precious metal trading," the German company said.
Hotel general manager Hans Olbertz said they wanted the hotel to be the first in the world to offer guests what he called "this golden service." The machine is the brainchild of Thomas Geissler, a German businessman who said Abu Dhabi was best placed to launch of the invention because of the region's high demand for gold.
"On the first night we had a lot of demand," Thomas Geissler said.
"One customer even bought one item of every product we have."
"All the gold is imported from Germany, and soon we will have a customised gold bar with a print of the Emirates Palace logo, which will be a nice souvenir for guests to take home."
The Emirates Palace is often used by visiting foreign dignitaries, and its top floor is reserved for the rulers of the UAE federation's seven emirates, each of whom has his own suite.
Photo by AFP: A man inserted Dirham in the machine.Depending on its contents, the machine can weigh up to 1,000 pounds. It's nearly 6 feet tall, and, of course, features a gold-leaf finish. Users navigate menu choices via a 19-inch touch screen, and can pay for their gold with cash or credit card. The machine can handle up to 10 products, and inventory is monitored with RFID tags. Security features include a camera and an ID scanner to prevent money laundering. Ex Oriente says its machine is "largely burglar-proof and tamper-resistant."
If that vending machine is in Malaysia. I don't think it will survive vandalism and people trying to get free item. If there is no 24 hours reliable security guard close by, the machine itself maybe will vanished. But with this new machine around, buying bullion will be easy. Just find the machine, pay and bring back your precious metal home. No need to wait for the bank to check if their stock is available for you or not.
Source: Associated Press, CSnet, Telegraph.co.uk.
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