Gold ATM's Coming to US

[blackrabbit]

Precious metals got a way to go. Once these machines come to the US you will see more and more yuppies getting in on the action driving up prices even more!

http://www.msnbc.msn.com/id/39383743/ns/business-personal_finance/

[Neckro]

Those things been out for years overseas.

[Nickelmeister]

The article claims the machines will accept credit card or CASH.
I wonder if the ATM has to fill out 1099 forms?

[Market Harmony]

The article claims the machines will accept credit card or CASH.
I wonder if the ATM has to fill out 1099 forms?

What a mess! I'm buying one of these machines if/when they become available here. I wonder how long it will be before I'll have to restock it?

[Copper Catcher]

Gold Vending Machines Land In Las Vegas
http://www.luxist.com/2010/06/04/gold-v ... las-vegas/

This will be neat when it hits!

[Copper Catcher]

Gold sold like chocolate from German vending machines
http://www.telegraph.co.uk/finance/fina ... hines.html

[AGgressive Metal]

How long until a street gang takes the entire machine in a flat-bed truck? That is a factor they don't have in Dubai!

[Market Harmony]

How long until a street gang takes the entire machine in a flat-bed truck? That is a factor they don't have in Dubai!

Why would you put it in an unsecure location? I'm thinking high class hotel lobbies and airports make great locations

[Pennysaved]

I wonder how reasonable the premiums are? It said that the prices are updated every 10 minutes in the machine. Wonder if someone would figure out a way to cheat the machine.

[Delawhere Jack]

Tungsten.....? And if so, what recourse due you have?

[Country]

How long until a street gang takes the entire machine in a flat-bed truck? That is a factor they don't have in Dubai!

In Dubai, they cut off the hands of the theives. I wonder if that would work here.

[Dumpster Diver]

I would be a total junkie to this machine. Ridiculous premiums and all- I'd buy the gram bars weekly.

You can't put a price on instant gratification.

[Rodebaugh]

Anyone here ever loose their money to a Coke machine, or have their Andy Capp hot fries corkscrew off the platform only to get held up forever halfway down?

Don't trust the machine.......buy your gold and slim jims from a reputable human source

[twentybux]

Anyone here ever loose their money to a Coke machine, or have their Andy Capp hot fries corkscrew off the platform only to get held up forever halfway down?

Don't trust the machine.......buy your gold and slim jims from a reputable human source

Can I hear an AMEN from the Choir? AMEN!!!!! Human source is the only way to go. Still would be fun to watch a yuppie put in some FRN's and the machine fails to register them as appropriate $$$$. Ha!

[natsb88]

Anyone here ever loose their money to a Coke machine, or have their Andy Capp hot fries corkscrew off the platform only to get held up forever halfway down?

Don't trust the machine.......buy your gold and slim jims from a reputable human source

A machine like this would be built to a much higher standard than a machine dispensing 55 cent snack foods.

[Rodebaugh]

Anyone here ever loose their money to a Coke machine, or have their Andy Capp hot fries corkscrew off the platform only to get held up forever halfway down?

Don't trust the machine.......buy your gold and slim jims from a reputable human source

A machine like this would be built to a much higher standard than a machine dispensing 55 cent snack foods.

Oh, Without a doubt..... However, do you think it might still make a mistake or will it be perfect?

[natsb88]

Anyone here ever loose their money to a Coke machine, or have their Andy Capp hot fries corkscrew off the platform only to get held up forever halfway down?

Don't trust the machine.......buy your gold and slim jims from a reputable human source

A machine like this would be built to a much higher standard than a machine dispensing 55 cent snack foods.

Oh, Without a doubt..... However, do you think it might still make a mistake or will it be perfect?

I haven't seen one in person so I don't know how well they are actually made, but it certainly *could* be made darn near perfect. These are dispensing very consistent goods, not different shaped containers or items like bagged food that have a tendency to get stuck. They are not designed as a universal machine with large screws you can stick anything into, but rather they are designed specifically for carded gold bars, so they can have much more specialized (and therefore reliable) mechanisms.

With a machine like this, the expectation of both the buyer and seller is that it will work perfectly every time (the seller could take a hit from a mistake just as easily as the buyer could...one wrong bar dispensed, or one doubled dispense, and there goes any profit from the last 50 transactions). So the incentive is there to invest in better precision and more reliable components.

The machine also uses a computer system to adjust pricing something like every 20 minutes, and to process credit cards. There is no doubt a simple feedback system can also be incorporated to verify that the correct product was dispensed before it is presented to the customer (weight, for instance, would be very easy to check).

Not having seen one I can't say how reliable they currently are, but being a mechanical engineering that likes to design this kind of stuff, I can say how reliable they could be. Don't think of them as vending machines in the typical sense, think of them as a hard money version of an ATM. Those deal with large amounts of cash, are very widely used, and have proven to be acceptably reliable, so I don't see why this would be any different.

[Copper Catcher]

I'll be heading to Vegas in November so I'll let you know if I see one!

If I do you, can bet I'll be making a purchase!!!

[SteelCityCopper]

I can't really think of a time when an ATM spit out an extra $20 for me or the reverse where I didn't receive anything. Premiums is the bigger question in my mind as these machines, repairmen, and stockers all cost $$ and you can bet those costs will be built into the premiums.

[beauanderos]

Only the poorly informed or some guy trying to impress his wife or girlfriend is going to buy from this source. If other entrepreneurs were smart they would post signs or stickers nearby proclaiming where to go to get a better deal.

[Copper Catcher]

This is a great video of the machine at the tradeshow!
http://www.youtube.com/watch?v=0g4bPHSDCDI