Gold sold like chocolate from German vending machines

[ARCHIVED THREAD] - Gold sold like chocolate from German vending machines

Posted: 6/18/2009 12:37:30 AM EDT

I wonder what kind of security they put on a vending machine selling PMs worth $1k/oz?

TG-Gold-Super-Markt aims to introduce the machines at 500 locations including train stations and airports in Germany.

The
company, based near Stuttgart, hopes to tap into the increasing
interest in buying gold following disillusionment in other investments
due to the economic downturn.

Gold prices from the
machines – about 30 per cent higher than market prices for the cheapest
product – will be updated every few minutes.

Customers using a
prototype "Gold to go" machine at Frankfurt Airport on Tuesday had the
choice of purchasing a 1g wafer of gold for €30, a 10g bar for €245, or
gold coins.

A camera on the machine monitors transactions for money laundering controls.

Thomas
Geissler, who owns the company behind the idea, said: "German investors
have always preferred to hold a lot of personal wealth in gold, for
historical reasons. They have twice lost everything.

"Gold is a good thing to have in your pocket in uncertain times."

Interest
in gold has risen during the financial crisis, particularly in Germany,
according to GFMS, the London-based precious metals consultancy.

Retail demand reached an estimated 108 tonnes in 2008, up from 36 tonnes in 2007 and 28 tonnes in 2006.

Jens
Willenbockel, an investment banker who saw the machine while passing
through the airport, told the Financial Times that he believed there
could be a market for the venture.

"Because of the crisis there
is a lot of awareness of gold," he said. "It is also a great gift for
children – for them getting gold is like a fairytale."

Source

Posted: 6/18/2009 1:13:27 AM EDT

[#1]

hmmm........... doesnt seem what i would consider a "safe" practice. chain+ full size truck=$

Posted: 6/18/2009 1:21:55 AM EDT

[#2]

Quoted:

hmmm........... doesnt seem what i would consider a "safe" practice. chain+ full size truck=$

I am assuming they take cards as well. So that means a jacking someones cards and getting nice clean gold in exchange would be a great scam. Between the amount of money and gold in one of those machines, I would expect to see a couple armed guards next to each one.

Posted: 6/18/2009 3:22:44 AM EDT

[#3]

Don't know what else to say except I won't be doing that anytime soon

[ARCHIVED THREAD] - Gold sold like chocolate from German vending machines

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