The Orange Mane -  a Denver Broncos Fan Community  

Go Back   The Orange Mane - a Denver Broncos Fan Community > Orange Mane Discussion > Orange Mane Central Discussion
Register FAQ Members List Calendar Chat Room Mark Forums Read



Reply
 
Thread Tools Display Modes
Old 05-27-2010, 03:02 PM   #1
Arkie
Ring of Famer
 
Arkie's Avatar
 
The f--- y'all motherf-ckas want?

Join Date: Oct 2003
Posts: 10,795
Default GOLD to goŽ The gold ATM

Gold-dispensing ATMs: Coming to a city near you. I want one!

http://money.cnn.com/2010/05/27/news...nies/gold_atm/



As economic fears drive gold prices to new highs, the creator of a gold-dispensing ATM is attracting attention around the globe.
Germany-based GOLD to go, which is currently churning out 50 gold machines a month to meet a recent jump in demand, launched its first ATM in Abu Dhabi's Emirates Palace Hotel earlier this month and opened its second in Germany last week.
The golden ATM's next destinations are the Bergamo Airport in Milan, Italy, all major airports in Malaysia, one of Russia's biggest banks and an undetermined location in Turkey.
By making gold investing as easy as buying a candy bar from a vending machine, GOLD to go hopes to attract average buyers to the gold market.
"We are going to make gold public with these machines," said Thomas Geissler, CEO of Ex Oriente Lux AG, which owns GOLD to go. "The prices are so easy to control that we're going to de-mystify gold and make it easier for anyone to buy it."
GOLD to go's ATM looks like a vending machine and dispenses gold coins and bars weighing up to one ounce at prices updated every 10 minutes based on the real-time spot price of gold.
ATM-owners can choose from a variety of other gold items, such as gold Canadian maple leaf coins, South African Krugerrands, and even some custom designs. For example, the special edition gold medallion it engraved with the Palace Hotel's logo was created for the United Arab Emirate debut.
Earlier this month, gold prices hit an all time high of nearly $1,250 per ounce, and the precious metal has continued to climb as euro zone countries struggle with debt and investors worry that the region's problems could spread globally.
Until this uncertainty in the market eases, the demand for gold will only grow, said Carlos Sanchez, a precious metals analyst at CPM Group.
"[The ATM] is just a reflection of the demand from consumers and investors for exposure to gold," he said. "As long as prices continue to trend upward and investors remain concerned over economic and political conditions, I think we'll keep seeing strong demand for safe-haven assets like gold."
Next stop, Italy: Patrizio Locatelli, owner of SE 6, a small company in Italy that pays customers for gold, flew to GOLD to go's factory in Germany to check out the prototype when it was first unveiled.
Locatelli was having a hard time keeping up with the costs of rent and hiring employees, so when he came across the GOLD to go ATM online, he saw it as a golden ticket to an efficient way to expand his business.
"When you see exchange rates going up and down every day with the euro under so much pressure and stocks decreasing, this gold machine seemed like a very sound idea," he said. "In times like these you must think of somewhere else to put your money, and physical gold still has great appeal for everyone."
Locatelli is now launching a GOLD to go ATM in Milan's Bergamo Airport, which he says is one of Italy's fastest growing airports.
"[Bergamo] is a great place for it, because serious international business travelers will stop over here a few times a month at least," he said. "In general you tend to spend more when you're traveling and in a good mood, so you can now use a vending machine to get a present for someone or buy some bullions as an investment."
After a three-month testing period at Bergamo Airport, Locatelli said he hopes to introduce gold ATMs in every airport in Italy as well as major community centers and banks.
Not for serious investors? While the ATMs could be a hit with wealthy travelers, the idea is unlikely to catch on with serious investors, said Jeffrey Nichols, managing director at American Precious Metals Advisors.
"It's an interesting phenomenon, and I can see that wealthy and high-net-worth travelers might make impulse splurges on gold bars or coins, but I can't see a serious investor buying gold through a vending machine," he said.
Jon Nadler, senior analyst at Kitco Metals, agreed, saying that he would be surprised if investors bought into the new invention, because unlike the spot market, ATMs don't take your gold back when you want to sell it.
"Gold is a two-way market, so I would like to see that same machine buy back that gold and spit out cash," said Nadler. "A gold-dispensing ATM is great, but a real ATM also accepts deposits."
Nadler also said that GOLD to go's higher prices may be a deterrent, especially to investors who want to purchase large amounts.
GOLD to go says that, like any physical gold vendor, it must apply a margin to its items. While the spot price for one ounce of gold was about $1,214 in midday trading on Thursday, GOLD to go was selling a 1-ounce gold bar for 1,044.86 euros, or approximately $1,284.13.
But the ATM's popularity shows how much more available gold is becoming as demand picks up.
"It shows how attitudes toward gold are changing," said Nichols. "Gold is available in more forms and through distributors that make it more accessible for average people around the world to buy gold."


Arkie is offline   Reply With Quote
Sponsored Links
Old 05-27-2010, 03:52 PM   #2
Meck77
.
 

Join Date: Sep 2002
Posts: 16,833
Default

Interesting. Wonder if you can get a snickers with that?
Meck77 is offline   Reply With Quote
Old 05-27-2010, 07:05 PM   #3
Arkie
Ring of Famer
 
Arkie's Avatar
 
The f--- y'all motherf-ckas want?

Join Date: Oct 2003
Posts: 10,795
Default

That's probably enough for 500 snickers.
Arkie is offline   Reply With Quote
Old 05-27-2010, 08:18 PM   #4
cutthemdown
A verbis ad verbera
 
cutthemdown's Avatar
 

Join Date: Mar 2006
Posts: 37,267
Default

As long as you can put gold back in the machine and get currency out great. Otherwise I'm not getting the reason?
cutthemdown is offline   Reply With Quote
Old 05-27-2010, 08:26 PM   #5
Vegas_Bronco
Ring of Famer
 
Vegas_Bronco's Avatar
 
Fear is a lack of preparation.

Join Date: Apr 2004
Location: Now 64 Yards Out
Posts: 5,478

Adopt-a-Bronco:
1 Elam 1
Default

Hahaaaa....just hold onto your dollars boys...they'll be worth a lot more gold in the next 3-5 months. Dollar is rebounding right now while gold hit a new high. Can you say 'gold bubble'?
Vegas_Bronco is offline   Reply With Quote
Old 05-27-2010, 08:26 PM   #6
tsiguy96
Ring of Famer
 
tsiguy96's Avatar
 
New to the Forum

Join Date: Jan 2007
Posts: 12,746

Adopt-a-Bronco:
None
Default

Quote:
Originally Posted by cutthemdown View Post
As long as you can put gold back in the machine and get currency out great. Otherwise I'm not getting the reason?
its a very easy and convenient way to invest in gold. gold is the best investment anyone can really make because it doesnt LOSE its value, all currency in the world is theoretically backed by gold, a universal currency.
tsiguy96 is offline   Reply With Quote
Old 05-27-2010, 09:02 PM   #7
bfoflcommish
Time for Broncos Football
 
bfoflcommish's Avatar
 
GO..........BRONCOS

Join Date: Nov 2005
Location: Mile High
Posts: 3,483

Adopt-a-Bronco:
Steve Atwater
Default

they had me at "for average buyer" then lost me at$1250 an ounce
bfoflcommish is offline   Reply With Quote
Old 05-27-2010, 10:24 PM   #8
Tombstone RJ
Ring of Famer
 
Tombstone RJ's Avatar
 
Old School

Join Date: Sep 2002
Location: In the Tetons!
Posts: 22,279

Adopt-a-Bronco:
WorrellWilliams
Default

This is just what the local 7-11 needs! About damn time!
Tombstone RJ is offline   Reply With Quote
Old 05-27-2010, 11:00 PM   #9
strafen
Karma
 
strafen's Avatar
 

Join Date: Jan 2009
Posts: 8,942

Adopt-a-Bronco:
Elway
Default

Quote:
Originally Posted by Tombstone RJ View Post
This is just what the local 7-11 needs! About damn time!
That's what I was thinking, man.
That's a disaster waiting to happen. Oh boy!!!

It would be more suitable at a casino in Vegas than on a typical place you'd expect to see an ATM...
strafen is offline   Reply With Quote
Old 05-27-2010, 11:15 PM   #10
broncocalijohn
Famer of Rings
 
broncocalijohn's Avatar
 
I said Do It!

Join Date: Oct 2004
Location: Lake Forest, Orange County, Calif.
Posts: 23,370

Adopt-a-Bronco:
Simon Fletcher
Default

Watch these things get robbed...or you buying gold out of it. What is $20 now in gold? A spec that would go on a tip of a pen?
broncocalijohn is offline   Reply With Quote
Old 05-27-2010, 11:25 PM   #11
strafen
Karma
 
strafen's Avatar
 

Join Date: Jan 2009
Posts: 8,942

Adopt-a-Bronco:
Elway
Default

Quote:
Originally Posted by broncocalijohn View Post
Watch these things get robbed...or you buying gold out of it. What is $20 now in gold? A spec that would go on a tip of a pen?
Yup, and I expect pawn shops to greatly benefit from this. No joke!
strafen is offline   Reply With Quote
Old 05-27-2010, 11:48 PM   #12
OBF1
Ring of Famer
 

Join Date: Apr 2004
Location: Orlando, Florida
Posts: 15,767

Adopt-a-Bronco:
Marvin Austin
Default

Quote:
Originally Posted by tsiguy96 View Post
its a very easy and convenient way to invest in gold. gold is the best investment anyone can really make because it doesnt LOSE its value, all currency in the world is theoretically backed by gold, a universal currency.
You are kidding right? Gold like any other precious metel goes up and down depending on many economic factors. Saying it will not go down is crazy. On top of this, paying a $70.00 an ounce premium is nuts as well.

Just say no to gold machines people.
OBF1 is online now   Reply With Quote
Old 05-28-2010, 06:14 AM   #13
tsiguy96
Ring of Famer
 
tsiguy96's Avatar
 
New to the Forum

Join Date: Jan 2007
Posts: 12,746

Adopt-a-Bronco:
None
Default

Quote:
Originally Posted by CBF1 View Post
You are kidding right? Gold like any other precious metel goes up and down depending on many economic factors. Saying it will not go down is crazy. On top of this, paying a $70.00 an ounce premium is nuts as well.

Just say no to gold machines people.
it goes down but the general value of gold will never drop or plummet in the long run, its not a bad investment in that you arent going to bust or lose everything on it, but maybe it has peaked for awhile at its current price. its the reason that global economy was backed by it for so long.

the premium is crazy though, thats hard to overcome.
tsiguy96 is offline   Reply With Quote
Old 05-28-2010, 11:00 AM   #14
PaintballCLE
INFLITRATE ENEMY LINES
 
PaintballCLE's Avatar
 

Join Date: Aug 2007
Location: Cleveland, Oh
Posts: 3,202
Default

http://www.blameitonthevoices.com/20...-machines.html
PaintballCLE is offline   Reply With Quote
Old 05-28-2010, 11:06 AM   #15
oubronco
John Foneco !!
 
oubronco's Avatar
 
Mile High Magic

Join Date: Nov 2006
Location: Sooner Country
Posts: 21,520
Default

Marijuana Vending Machines

Sunday, January 27, 2008


It's no joke. It's happening in L.A. where they came to the conclusion that buying weed from a vending machine is safer than from a drug dealer.

Just what we need
oubronco is offline   Reply With Quote
Old 05-28-2010, 11:16 AM   #16
Mr.Meanie
Ring of Famer
 
Mr.Meanie's Avatar
 

Join Date: Aug 2008
Posts: 2,606

Adopt-a-Bronco:
None
Default

Quote:
Originally Posted by tsiguy96 View Post
it goes down but the general value of gold will never drop or plummet in the long run, its not a bad investment in that you arent going to bust or lose everything on it, but maybe it has peaked for awhile at its current price. its the reason that global economy was backed by it for so long.

the premium is crazy though, thats hard to overcome.
The value of any currency is only what everyone else agrees it is. If no one is buying it, the value will plummet until it is so cheap that there is demand again. If everyone is buying it, and people are setting up gold vending machines, and everyone is talking about how gold is a "cant lose investment", demand is likely going to go up and the value will rise. Then when people want to sell and there are no buyers, the bubble will pop and the value will plummet.

Saying it never will plummet is nonsense.

Last edited by Mr.Meanie; 05-28-2010 at 12:17 PM..
Mr.Meanie is offline   Reply With Quote
Old 05-28-2010, 12:01 PM   #17
Arkie
Ring of Famer
 
Arkie's Avatar
 
The f--- y'all motherf-ckas want?

Join Date: Oct 2003
Posts: 10,795
Default

Gold doesn't go up. The dollar and all fiat currencies go down.

Arkie is offline   Reply With Quote
Reply

Thread Tools
Display Modes



Forum Jump


All times are GMT -7. The time now is 05:39 PM.


Denver Broncos