Gold ATM's - I thought this was interesting to see the attitude toward gold in China

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foote2777's picture
foote2777
Status: Bronze Member (Offline)
Joined: Sep 30 2008
Posts: 65
Gold ATM's - I thought this was interesting to see the attitude toward gold in China

The video saya it all really, just thought I would share.

http://video.news.com.au/13565655/Gold-ATMs-make-their-way-to-China?area...

 

Regards

Jon

jumblies's picture
jumblies
Status: Silver Member (Offline)
Joined: Jun 13 2010
Posts: 244
I've seen a couple of

I've seen a couple of stories about these over the last few months. One with machines in Abu Dhabi and another in the UK.

http://blogs.ft.com/beyond-brics/2010/05/13/abu-dhabis-gold-atm-machine-a-sign-of-more-opulence-to-come/

http://www.bbc.co.uk/news/business-13998238

I don't know what premium they charge, but my feeling is it will be possibly one of the most expensive routes. And besides, would you want someone to see you buying bullion from a machine only for them to follow and mug you in the parking lot? Especially when phase 3 of the bull run takes off.

I saw this as a warning of the coming gold storm. And an entertaining distration (especially the interview with the shoppers in the BBC report).

 

rhare's picture
rhare
Status: Diamond Member (Offline)
Joined: Mar 30 2009
Posts: 1325
Machine in the US...

I saw one of these ATMs at the Golden Nugget in Vegas a few weeks ago.  Yes, it was expensive, but not outrageously so, considering your could buy a very small amount.  I think they had it stocked with several Pamp Suisse  bars (1g, 10g, and 1oz), 1/10, and 1oz Eagle, and a 1oz Golden Nugget logo gold bar.

I seem to remember the mark up was about 15% over spot for the eagle - so yes, it was high, but you could buy 1 - not sure what the markup was for the smaller bars. I saw signs for the machine in a couple of places in the casino, but I doubt it gets much use other than for the occasional drunken novelty purchase.

Here are a couple of articles on the machines, one says they charge a 5% on the regular bars, I'm not sure since I just remember looking at the eagle price when I played with the machine:

http://www.aolnews.com/2011/01/08/vegas-newest-gimmick-an-atm-that-dispenses-gold/

http://travel.usatoday.com/destinations/dispatches/post/2011/01/las-vegas-atm-dispenses-gold/138002/1

 

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