Germany-based GOLD to Go first launched its first Gold ATM Machine in Abu Dhabi’s Emirates Palace Hotel in 2010. Gold to Go is an ATM machine that dispenses gold coins and 24-carat bars weighing up to 1 ounce (or 1, 5 and 10 gram size) with up-to-date real-time gold prices renewed every 10 minutes. So far, Gold to Go has expanded its vending machines to Italy, Portugal, Germany, Switzerland, Columbia, Peru, the United Arab Emirates and locations in the US such as New York, New Jersey and Nevada.
Each vending machine also offers a customized gold coin with symbols such as a South African Krugerrand, Canadian maple leaf or custom designs such as a kangaroo or the Emirate Palace Hotel logo in Abu Dhabi. Each piece of gold is sealed in an anti-counterfeit hologram label with a description of the product and the company’s 10 day return policy.
Each user needs to scan his or her ID for any purchase exceeding 100 Euro or $110 and the user can only access the system 3 times in the course of a day to prevent money laundering. The machines have been tested, much like a military vehicle, with explosives to prevent theft and include surveillance cameras.
The next steps will be developing the Gold ATM machine so as to make it a two-way market. Like any other ATM machine, not only does it spit out cash but it should be able to accept deposits as well. This new and expanding ATM machine definitely is a sign of how attitudes toward gold are changing.