Monday, May 21, 2012
The Associated Press
BOCA RATON, Fla. - Shoppers looking for something sparkly to put under the Christmas tree can skip the jewelry and go straight to the source: an ATM that dispenses shiny 24-carat gold bars and coins.
Michael Hiler, CEO of PMX Gold, which brought the Gold To Go machines to the U.S., shows a passer-by how to use the machine Friday in Boca Raton, Fla.
The Associated Press
A German company installed the machine Friday at an upscale mall in Boca Raton, a South Florida paradise of palm trees, pink buildings and wealthy retirees.
Thomas Geissler, CEO of Ex Oriente Lux and inventor of the Gold To Go machines, says the majority of buyers will be walk-ups enamored by the novelty. But he says they're also convenient for more serious investors looking to bypass the hassle of buying gold at pawn shops and over the Internet.
"Instead of buying flowers or chocolates, which is gone after two or three minutes, this will stay for the next few hundred years," he said in an interview.
The company installed its first machine at Abu Dhabi's Emirates Palace hotel in May and followed up with gold ATMs in Germany, Spain and Italy. Geissler said they plan to unroll a few hundred machines worldwide in 2011. He said the Abu Dhabi machine has been so popular it has to be restocked every two days.
A bank in Vietnam installed its own brand of the machines in a country with a much poorer population but one that values gold more than paper money.
The gold-leaf-covered machine at Boca Raton's Town Center Mall sits outside a gourmet chocolate store and works much like the cash ATM beside it. Shoppers insert cash or credit cards and use a computer touch-screen to choose the weight and style they want. The machine spits out the gold in a black box with a tamperproof seal.
Each machine, made in Germany, carries about 320 pieces of different-sized bars and coins. Prices are refigured automatically every 10 minutes to reflect market fluctuations. On Friday, a 2-gram piece cost about $122, including packaging, certification and a 5 percent markup. An ounce cost about $1,442.
Buyer beware: A gram of the heavy metal is much smaller than you think, about the size of a fingernail. An ounce is a little larger than a quarter.
Florence Schneider, 78, of Boca Raton, who checked out the machine Friday, said she might use it, but only for a unique gift.
"I can't see it being successful. Maybe for Christmas as a gimmick," she said. "If I knew someone was having a big birthday coming up I'd buy it for something different."
Owners said the machine, which will hold around $150,000 in cash and gold, will be flanked by an armed bodyguard for now.
Security cameras are fixed inside and outside the machine.
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