Gulf Hotel Installs Gold Vending Machine
The five-star Emirates Palace Hotel installed a gold bullion ATM in its lobby as the first permanent gold vending machine in the world, according to Ex Oriente Lux, the German firm that developed it. The Gold To Go machine sells 24-carat gold bars weighing 1, 5, and 10 grams as well as gold coins from Canada, Australia, and South Africa. Each comes in a gift box.
Depending on its contents, the machine can weigh up to 1,000 pounds. It's nearly 6 feet tall, and, of course, features a gold-leaf finish. Users navigate menu choices via a 19-inch touch screen, and can pay for their gold with cash or credit card.
A prototype "Gold-to-Go" machine in the Frankfurt Airport initially charged customers around $42 for a 1g wafer of gold and $341 for a 10g bar. The prices update every two minutes and average about 30% higher than market value.