Investing in gold is as easy as making ATM transaction
BOCA RATON, Fla. — Shoppers who are looking for something sparkly to put under the Christmas tree can skip the jewelry and go straight to the source: an ATM that dispenses shiny 24-carat gold bars and coins.
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I can't see it being successful. Maybe for Christmas as a gimmick. If I knew someone was having a big birthday coming up I'd buy it for something different.”
Florence Schneider
A German company installed the machine Friday at an upscale mall in Boca Raton, a southern Florida paradise of palm trees, pink buildings and wealthy retirees.
Thomas Geissler, CEO of Ex Oriente Lux and inventor of the Gold To Go machines, says the majority of buyers will be walk-ups enamored by the novelty. But he says they're also convenient for more serious investors looking to bypass the hassle of buying gold at pawnshops and over the Internet.
“Instead of buying flowers or chocolates, which is gone after two or three minutes, this will stay for the next few hundreds years,” Geissler told The Associated Press in a telephone interview.
The company installed its first machine at Abu Dhabi's Emirates Palace hotel in May and followed up with gold ATMs in Germany, Spain and Italy. Geissler said they plan to unroll a few hundred machines worldwide in 2011. He said the Abu Dhabi machine has been so popular it has to be restocked every two days.
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