Gold To Go ATMs dispense precious metals to the superwealthy, heading to the states this year

[LynneSin]

http://www.engadget.com/2010/09/29/gold-to-go-atms-dispense-precious-metals-to-the-superwealthy-he/

Goldline might be a bust (sorry, Glenn), but you're not gonna let that stop you from preparing for the imminent collapse of society. Or maybe you just want to hang with your friends at the Ayn Rand Book Club (The Fountainhead again?) and they prefer Krugerrands to the fiat currency of the USA. Any way you slice it, Americans (including our friend Scott) have "gold fever." Luckily, it turns out that the Gold To Go vending machines we saw early this year are on their way to the states. Stocked with up to ten different gold bars or coins, these bad boys accept cash or plastic and use a VPN to phone home to Germany for updates on the cost of precious metals every 10 minutes. They also feature an ID scanner / camera combo for preventing (or at least slowing down) potential money launderers. The devices can be found currently in the Emirates Palace Hotel in Abu Dhabi, Bankshop in Reutlingen, Germany, The Westin Palace in Madrid, and the Orio al Serio International Airport, and they'll be hitting Las Vegas and Florida sometime this year. There might also be one next to the Coinstar machine at the Murray Ave. Giant Eagle (we'll check it out and let you know).

[BlueIris]

1. Um, holy shit (again!). nt

[Ian David]

2. This should make money laundering much easier. n/t

[n2doc]

3. The "superwealthy" don't buy crap from a vending machine

They get it at razor-thin markup from selected dealers. This stuff is for the Glenn Beck followers. High markup.

[Statistical]

4. Exactly the markup over spot price is like 20% to 30% or more.

Nobody wealthy buys gold (worth $1300 an ounce) for $1500 an ounce. Well at least nobody stays wealthy doing that.

I see these machines being used by 3 groups of people
1) the utterly uninformed
2) the people currently ripped off by gold coin shops (if the vig is lower than current shops comissions/markup)
3) the people who need some "bling".

The rich looking to buy gold will buy bullion directly from a wholesaler for less than $25 per ounce in markup and buy it in $20K to $50K increments. Alternatively they will buy gold certs or ownership in gold mines.

This "Gold ATM" is for suckers.

[LynneSin]

5. Suckers - those that buy crap from that Goldine schlock

nuff said.

[jberryhill]

6. You forgot option number 4

The machines are stated to accept cash.

There may indeed be a market for persons wanting to convert cash to gold, even at a 20% loss, on an automated basis.