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ATMs That Dispense Gold Bars Coming To America

samzenpus posted more than 3 years ago | from the leprechaun-industries dept.

The Almighty Buck 482

tetrahedrassface writes "As the US economic woes continue unabated, a German company is bringing gold-bearing ATMs to Mainstreet America. The machines accept credit cards, and will dispense 1 gram, 5 gram, 10 gram and 1 ounce units, as well as various gold coins. The company hopes to install 35 bullion machines in the United States this year, and will hopefully have several hundred up and running by next year. The machines will be decorated like giant gold ingots and be over two meters tall. Physical gold has both pros and cons, but from a safety standpoint would it be fine to have a couple of ounces in your pocket while walking around the mall? The giant, gold-dispensing ATMs will monitor the market conditions for gold every 10 minutes in order to reflect spot price changes as they occur." We already covered similar machines installed in travel hubs across Germany.

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482 comments

Already here (5, Funny)

operagost (62405) | more than 3 years ago | (#33721372)

Meanwhile, Slashdot is bringing apostrophe abuse to America.

Re:Already here (1)

davidbrit2 (775091) | more than 3 years ago | (#33721644)

I'm just grateful it wasn't "ATM Machine's". I probably would have had an aneurysm. I already feel like I need a shower just from typing it for the sake of example.

Re:Already here (2, Funny)

Anonymous Coward | more than 3 years ago | (#33721758)

I'm just grateful it wasn't "ATM Machine's". I probably would have had an aneurysm. I already feel like I need a shower just from typing it for the sake of example.

Here, let me plug this cable into your VGA adapter. I will also need to plug this cable into your NIC Card. It also looks like your computer can use some additional DIMM modules.

Just trying to help...

Re:Already here (2, Interesting)

Anonymous Coward | more than 3 years ago | (#33721722)

For initialisms and abbreviations, an apostrophe is usually acceptable for the non-possessive plural but is generally now considered deprecated; it is more widely used where confusion may otherwise result: A's and B's.

Put them right outside the dungeon? (4, Funny)

twoallbeefpatties (615632) | more than 3 years ago | (#33721374)

It would be nice to not have to haul that entire bag of 2,000 coins back to town. I might run into a random encounter before then...

Re:Put them right outside the dungeon? (1)

suso (153703) | more than 3 years ago | (#33721448)

I have a magical bag of holding that you can put them in. Its call my pocket.

Re:Put them right outside the dungeon? (1)

Cwix (1671282) | more than 3 years ago | (#33721490)

If you can carry that much weight in your pocket, you must have maxed out your strength attribute.

Re:Put them right outside the dungeon? (1)

suso (153703) | more than 3 years ago | (#33721688)

Not unless I take off this ring and these gauntlets.

Re:Put them right outside the dungeon? (1)

nschubach (922175) | more than 3 years ago | (#33721890)

I know this is pedantic... but I'm pretty sure there are no maximums with pen and paper. ;)

Golden post? (0)

Anonymous Coward | more than 3 years ago | (#33721376)

new meaning to "frost piss"

Cue the crying (4, Funny)

Pojut (1027544) | more than 3 years ago | (#33721394)

I bet Glenn Beck is pissed about this.

Re:Cue the crying (1)

nschubach (922175) | more than 3 years ago | (#33721968)

Glenn would only be pissed if "In God We Trust" wasn't imprinted on all of the gold bars... otherwise, I think he would approve of people putting money in gold. I could be wrong, but most conservative stations I've tuned in are selling gold as if the end of humanity was just over the horizon.

If we buy one with the magic chocolate ticket (5, Funny)

GungaDan (195739) | more than 3 years ago | (#33721396)

will we win a trip to Glenn Beck's magical crazy factory?

Re:If we buy one with the magic chocolate ticket (0, Troll)

tmosley (996283) | more than 3 years ago | (#33721764)

No, you get to stay in yours. You know, where your purchasing power is continuously diluted by inflation and "Quantitative Easing" ie money printing.

Enjoy your Zimbabwe.

Re:If we buy one with the magic chocolate ticket (1, Interesting)

Anonymous Coward | more than 3 years ago | (#33721962)

Yes, because the economic crunches brought about by the hoarding of resources in a metallic standard economy are so favourable. Inflation is not a bug, it's a feature: it makes it so the upper class can't hoard too much.

Tool.

Spelling nazi (1)

fastest fascist (1086001) | more than 3 years ago | (#33721400)

ATMs

Arbitrage? (1, Insightful)

Anonymous Coward | more than 3 years ago | (#33721408)

The giant gold dispensing ATM's will monitor the market conditions for gold every 10 minutes in order to reflect spot price changes as they occur.

Isn't that an opportunity for arbitrage? Gold doesn't change price every ten minutes exactly, so if there's a spike in the right direction, buy before the ATM updates its prices...

Re:Arbitrage? (1)

AltairDusk (1757788) | more than 3 years ago | (#33721642)

Only if you have an expedient means of selling the gold while the price remains higher. Too bad the machines won't buy and sell, all you'd have to figure out is a real-time price feed to your smartphone then camp out next to the ATM.

Re:Arbitrage? (1)

petermgreen (876956) | more than 3 years ago | (#33721786)

And hope that
1: it doesn't go down again before you can sell it
2: the increases were significant enough that you can still make a profit after any relavent fees.

Re:Arbitrage? (1)

Locke2005 (849178) | more than 3 years ago | (#33721826)

I suspect the markup charged by the owners of the machines would far exceed any short term fluctuations in gold price. The real target market for these is people about to file bankruptcy who haven't maxed out their credit cards yet...

Re:Arbitrage? (2, Interesting)

Joebert (946227) | more than 3 years ago | (#33721936)

I'm guessing golds not as easy to get rid of as it seems. Chances are these guys stockpiled tons of gold while the price was closer to $400 an ounce than $1300 an ounce and now they're having a tough time getting rid of it all, so they're trying to dime-bag it out to the public.

35 bullion? (3, Funny)

SharpFang (651121) | more than 3 years ago | (#33721418)

It's spelt billion.
And 35 billion ATMs is rather much for a start-up, and more than current market demand...
oh gawd, there will be more of these than McDonalds and Starbucks... ;)

Re:35 bullion? (0, Troll)

Supp0rtLinux (594509) | more than 3 years ago | (#33721444)

Time to hit up dictionary.com. Bullion is a term for currency in raw form. Ever seen a pirate movie? Perhaps heard a phrase about "gold bullion". They're installing 35 gold bullion machines, not 35 billion of them. You should learn what words mean before you correct people as it just makes you look like a total fool.
http://dictionary.reference.com/browse/bullion [reference.com]
1. gold or silver considered in mass rather than in value. 2. gold or silver in the form of bars or ingots. 3. Also called bullion fringe . a thick trimming of cord covered with gold or silver thread, for decorating uniforms. 4. embroidery or lace worked with gold wire or gold or silver cords.

Re:35 bullion? (4, Insightful)

Abstrackt (609015) | more than 3 years ago | (#33721484)

You should learn what words mean before you correct people as it just makes you look like a total fool.

You should learn what a joke looks like before you correct people as it just makes you look like a total fool.

Re:35 bullion? (0)

Anonymous Coward | more than 3 years ago | (#33721650)

Clearly he misspelled Bouillon. These machines will dispense 1, 5, and 10 gram blocks of delicious condensed beef or chicken stock.

Re:35 bullion? (0)

Anonymous Coward | more than 3 years ago | (#33721822)

God damn, you're a fucking idiot.

Re:35 bullion? (0)

Anonymous Coward | more than 3 years ago | (#33721454)

http://en.wikipedia.org/wiki/Bullion#Bullion

Gold bullion would be coins made of gold. Therefor, 35 bullion machines would be 35 machines that dispense coins minted from precious metals.

Re:35 bullion? (2, Interesting)

Zarf (5735) | more than 3 years ago | (#33721586)

Will they dispense other kinds of bullion other than 35?

http://en.wikipedia.org/wiki/Bullion#Bullion

Gold bullion would be coins made of gold. Therefor, 35 bullion machines would be 35 machines that dispense coins minted from precious metals.

Re:35 bullion? (0)

Anonymous Coward | more than 3 years ago | (#33721754)

It's spelt billion.
And 35 billion ATMs is rather much for a start-up, and more than current market demand...
oh gawd, there will be more of these than McDonalds and Starbucks... ;)

Actually bullion is correct... the term is "Gold Bullion", and I would assume that they are targeting having 35 gold bullion machines, not 35 billion gold machines, seeing as how there are only 6 billion or so people in the entire world.

Re:35 bullion? (0)

Anonymous Coward | more than 3 years ago | (#33721872)

With the US population at around 300 million, that would make roughly 100 ATMs per person. That figure surely can't be right.

Re:35 bullion? (1)

Corporate Drone (316880) | more than 3 years ago | (#33721892)

no, no, no! 35 billion is exactly the appropriate number! Didn't you think security issues would be the downfall of this idea? Well... what better a way to get around the possibility of being attacked after buying gold... than to place one in every home in North America?!?!?!

I see a hack waiting to happen... (3, Interesting)

Supp0rtLinux (594509) | more than 3 years ago | (#33721422)

"... will monitor the market conditions for gold every 10 minutes in order to reflect spot price changes as they occur... " So... all I have to do is hack the market price calculations, buy my gold for $10.00 an ounce, then sell it for $300 an ounce. I give these guys less than a year before they're hacked into bankruptcy. Incidentally, I thought when we went off the gold standard (and silver standard) that this sort of thing actually became illegal. Granted, I could be wrong... I haven't had my morning coffee yet...

Re:I see a hack waiting to happen... (5, Insightful)

rlp (11898) | more than 3 years ago | (#33721474)

then sell it for $300 an ounce

Uhhh, you haven't checked the price of gold in a while, have you?

Re:I see a hack waiting to happen... (1, Funny)

Anonymous Coward | more than 3 years ago | (#33721792)

Holy crap, gold IS up!

Re:I see a hack waiting to happen... (0)

Anonymous Coward | more than 3 years ago | (#33721884)

You're looking at the next bubble.

Re:I see a hack waiting to happen... (4, Insightful)

vlm (69642) | more than 3 years ago | (#33721874)

then sell it for $300 an ounce

Uhhh, you haven't checked the price of gold in a while, have you?

This is the same guy whom thought gold ownership was illegal... not exactly the most up to date...

Re:I see a hack waiting to happen... (1, Interesting)

Anonymous Coward | more than 3 years ago | (#33721508)

How would it be illegal? It's a vending machine. It sells a material which has many uses in industrial applications, art and decoration.

Re:I see a hack waiting to happen... (4, Insightful)

suso (153703) | more than 3 years ago | (#33721512)

I think it was only illegal until the 70s or so, then the market was flooded with people who had been secret hoarding gold from earlier.

By the way, if you'd be willing to sell me your gold for $300 an ounce, then I'd be willing to buy it from you. In large quantities. Seriously.

Re:I see a hack waiting to happen... (1)

sjs132 (631745) | more than 3 years ago | (#33721578)

If he's willing to sell at 300 an oz, I'd even by at small quantity.

Re:I see a hack waiting to happen... (1)

Schadrach (1042952) | more than 3 years ago | (#33721760)

You definitely missed his point:

"Hack the machine to get it to sell for $10 er ounce, sell at $300 per ounce so that you can dump your ill gotten gold very quickly for 30 times what you spent."

When it's effectively stolen gold, being able to dump it quickly is far more important than getting full market value out of it, just like any other stolen property.

Re:I see a hack waiting to happen... (1)

vlm (69642) | more than 3 years ago | (#33721926)

When it's effectively stolen gold, being able to dump it quickly is far more important than getting full market value out of it, just like any other stolen property.

My guess is serial numbered bars, and faxes to the usual places.

Re:I see a hack waiting to happen... (4, Insightful)

sjs132 (631745) | more than 3 years ago | (#33721772)

Government did it once to force dollars into the market, it can do it again. What it can't ban is gold coinage. That is why even modern gold coins have a value of the countries currency stamped in it. So if they outlawed gold again, the "value" is stamped on the coin. That is the value that you would get back from he government if you were forced to turn it in.

Lets see, a 50$ gold eagle (1oz) sells for 1368.+/- Currnt value of 1oz of gold on market is 1297 as of now. US Mint sells them at bullion price, so you'll never buy one for the $50 strike value. That is just a matter of semantics in case they ever recall them. You just gave the government $1318 profit.

The other reason to have coin instead of bar is for "numismatic" value, so that even if US dollar is nothing the collection value of the coin would be worth something more than just the gold. (At least one would hope.)

I understand Beck's POV on gold, but it is NOT for everyone (and he says so), and an ATM for it it more of a marketing twist than anything.

Re:I see a hack waiting to happen... (1)

hey (83763) | more than 3 years ago | (#33721780)

Except the machine takes a cut.
(Or rather than company that owns the machine.)

Re:I see a hack waiting to happen... (0)

Anonymous Coward | more than 3 years ago | (#33721806)

If you could hack the machine, why would you have it sell gold to you at $10/oz? Why not just have it dispense all the gold it has and be on your merry way?

Re:I see a hack waiting to happen... (0)

Anonymous Coward | more than 3 years ago | (#33721900)

these have been available overseas for quite some time. It seems to me that these would use similar security to ATM systems, which are very difficult to gain access to, and to the best of my knowledge have never been successfully hacked by spoofing the bank.

It seems a better way to go would to do it the old fashioned way- just steal the machine.

Re:I see a hack waiting to happen... (1)

Attila Dimedici (1036002) | more than 3 years ago | (#33721904)

We have gone off the gold standard and selling gold to the public was ilegal. However, it is now legal to sell gold to the public. These are not really gold dispensing ATMs, these are gold dispensing vending machines that accept credit cards (and possibly debit cards).

Re:I see a hack waiting to happen... (0)

Anonymous Coward | more than 3 years ago | (#33721916)

I don't think that this is too likely...This stream is going to be fed to the machine, over a network from a trusted source (signed or encrypted) so you might as well try to figure out how to "hack" your bank account so the ATM believes you have gobs of moneys to withdrawal.

Plus, how much could you make? They'd probably put in a "weight per customer per day" limit to hedge against risk of any single large-quantity withdrawal.

However, unlike serialized bills, gold coins can be melted and re-poured to essentially make theft untraceable.

Silly... (0)

Anonymous Coward | more than 3 years ago | (#33721430)

Does this sound silly to anyone else?

Re:Silly... (1)

Alcimedes (398213) | more than 3 years ago | (#33721610)

Dunno, I currently don't actually own any gold. Might be kind of cool to have a few weight units of gold around the house.

You'd really pass up the opportunity to own some actual gold bullion? I don't think I could. :)

Gold around the house (1)

OrangeTide (124937) | more than 3 years ago | (#33721868)

My problem with having gold around the house is when I went to pay for the pizza he totally wouldn't give me change. What is that, about a $150 tip for a pie?

Re:Silly... (1)

jaweekes (938376) | more than 3 years ago | (#33721846)

It does to me for several reasons. How long before one of the machines is stolen? And why would anyone want the physical gold? It's not like you can purchase anything with pure gold now.

I also don't know why anyone would buy gold at this price. I always thought the mantra was "Buy low, sell high", so I have no idea why anyone would buy gold when it's almost $1300 per ounce, as I don't see it getting much higher (although I could be really wrong).

Re:Silly... (1)

vtcodger (957785) | more than 3 years ago | (#33721864)

***Does this sound silly to anyone else?***

Well, I HAVE been wondering how one asks "What could possibly go wrong?" in German.

Google tells me "Was koennte schief gehen?" but I wonder if that isn't a bit literal.

Gold in your pocket is safe. (1)

tsalmark (1265778) | more than 3 years ago | (#33721466)

It is perfectly safe to walk around the mall with a few ounces of gold in your pocket, unless people know you have a few ounces of gold in your pocket, in which case you are about to be mugged. I like the idea of buying gold at a kiosk, it would make for a fun spur of the moment gift, but I'd be too afraid to be seen making a withdrawal to actually use it.

Re:Gold in your pocket is safe. (3, Interesting)

NevarMore (248971) | more than 3 years ago | (#33721878)

I live in a state with a large number of concealed carry permits. Forceful robberies are becoming less common.

Why? (3, Insightful)

DurendalMac (736637) | more than 3 years ago | (#33721478)

Seriously, why? If people want to invest in gold, they're generally going to buy it in larger lots than this. What's the point of selling gold in a vending machine when no one is going to take a gold coin as currency? This seems to be a solution in search of a problem. Not to mention I fully expect these to become big, fat targets for thieves...

Re:Why? (4, Insightful)

OzPeter (195038) | more than 3 years ago | (#33721554)

What's the point of selling gold in a vending machine when no one is going to take a gold coin as currency?

The idea is to make money .. for the people who make the gold dispensing ATMs. Its nothing more than a capitalistic response to a fear based environment.

Re:Why? (1, Interesting)

tmosley (996283) | more than 3 years ago | (#33721676)

You do know that there are gold dealers in this country, right? Eliminate the personnel cost, and the premiums will come down.

I guess filling consumer demand while reducing consumer costs and making a profit is evil in your world. Might I suggest you move to North Korea? I guarantee no-one is making any evil profits there.

In times of financial crisis (1)

VShael (62735) | more than 3 years ago | (#33721498)

If memory serves, didn't the US government make the private ownership of gold illegal in times of severe crisis in the past?

Don't they have a precedent for seizing precious metals from their citizenry, without recompense?

Re:In times of financial crisis (3, Informative)

tmosley (996283) | more than 3 years ago | (#33721708)

They did compensate people for seized gold. They just promptly devalued the dollars they paid for them with.

And considering the massive failure that was the last gold seizure (they only got 500 tons total), and the fact that we aren't on a gold standard, so they can devalue the dollar just fine as is, there is no need and little likelihood of future seizure of gold. Your retirement accounts will probably be nationalized long before your gold is seized.

Will we be able to trade furs for it? (2, Funny)

Sedated2000 (1716470) | more than 3 years ago | (#33721502)

I've been playing Red Dead Redemption a lot. I've been dying for a chance to go to the store and barter for what I want with furs and gold pieces. I want to make the angry high school kid at Sonic take out his scales to measure the cost of my chili dog.

ATM's? (-1, Offtopic)

kimvette (919543) | more than 3 years ago | (#33721516)

ATM's what? As in, what is a component of the ATM, or what belongs to the ATM?

Oh, they meant ATMs. Plural. Gotcha.

Well, at least they didn't say "ATM machine" in the summary, so I guess it's not all bad.

Re:ATM's? (1)

vlm (69642) | more than 3 years ago | (#33721990)

ATM's what? As in, what is a component of the ATM, or what belongs to the ATM?

Oh, they meant ATMs. Plural. Gotcha.

Well, at least they didn't say "ATM machine" in the summary, so I guess it's not all bad.

The worst part is its not even an "ATM" its merely a Japanese style vending machine. (Japanese style as in sells high value items, as opposed to USA style that mostly sells junk food and postage stamps)

"Sell your gold for cash!" ads (1)

Allnighte (1794642) | more than 3 years ago | (#33721524)

Does anyone else remember those ads on TV that tried to get you to sell your excess gold for cash? I think it was about a decade ago.

Interesting how now that the price of gold is three times what it was 10 years ago*, they're trying to sell it back to us. And by interesting I mean not surprising. Those ads always seem sleezy to me. Some guy in his 50's with glasses on a wooden desk blabbing on for like 3 minutes about gold and why you should sell it.

Of course, I don't have any gold nor have I purchased any, so I can't really complain. And I could be totally wrong since I don't follow these kinds of things. Someone correct me if I am.
*http://en.wikipedia.org/wiki/File:Gold_price_in_USD.png

Re:"Sell your gold for cash!" ads (2, Informative)

aapold (753705) | more than 3 years ago | (#33721704)

What do you mean "remember". Every day I drive past several dozen outfits that do this, complete with people holding giant signs saying "we buy gold" and pointing to local stores that do this. That business is still booming (at least enough to pay people to stand outside on the street hawking it). Radio and TV ads are also saturated with ads for this.

Current price (1, Insightful)

Anonymous Coward | more than 3 years ago | (#33721536)

$42/gram.

I'm not sure what is scarier; that someone thinks this will be a successful business, or that it might be?

All the talk-radio shows can agree on is that their advertisers would like to sell you gold.

ATM robberies up 5000% (1)

rshxd (1875730) | more than 3 years ago | (#33721544)

I can see it now!

Re:ATM robberies up 5000% (1)

BigSlowTarget (325940) | more than 3 years ago | (#33721914)

Um no officer, I wasn't trying to steal any ATM. I just backed my pickup truck up to the machine because gold is so heavy you see. Well, yes I know it's inside the mall but the chain wrapped around it and hooked to my bumper is for security. Can't be too careful once you have a pickup truck full of gold you know...

Market penetration (5, Funny)

Zouden (232738) | more than 3 years ago | (#33721550)

The company hopes to install 35 bullion machines in the United States this year

To put that in perspective, that's over a hundred machines per person, or 3.3 machines per square foot of land. Talk about agressive expansion!

Bouillon ATMs (0)

Anonymous Coward | more than 3 years ago | (#33721682)

Man, is there really enough demand for ATMs that sell soup stock?

I'd rather have a gold certificate (1)

davidwr (791652) | more than 3 years ago | (#33721700)

Yes, I can buy gold through a broker but I'd rather have an old-style bearer/non-registered "gold certificate" issued by an insured, regulated entity such as a bank.

Each certificate would bear markings like:

"This certificate entitles the bearer to exchange it for 10 grams of gold when presented at our office in Chicago, Illinois. This certificate is insured by XYZ Underwriters and is guaranteed for 50 years from the date of issue."

A major advantage of certificates is you don't need an ATM - you can order them by registered mail or buy them at a bank lobby. Another advantage is they can be serialized and marked "void until issued" with the bank teller or ATM machine validating the certificate at the time of purchase, reducing the risk of theft.

Re:I'd rather have a gold certificate (1)

DragonWriter (970822) | more than 3 years ago | (#33721976)

Yes, I can buy gold through a broker but I'd rather have an old-style bearer/non-registered "gold certificate" issued by an insured, regulated entity such as a bank.

Yeah, but there is very little incentive for banks to issue such certificates unless -- as they did when representational currency, rather than fiat currency, was the primary form of currency -- they can issue a greater number of certificates than they have actual gold reserves (otherwise, its a money-losing proposition, as managing the reserves and exchange operation -- and securing the underwriting you state a preference for -- all cost money.) This tends to go directly against the reasons that the people who do so prefer gold (physical or claims on gold held by someone else) over fiat currency as a store of value in the first place.

A major advantage of certificates is you don't need an ATM - you can order them by registered mail or buy them at a bank lobby.

That's obviously not a major advantage of certificates, as you can quite easily sell physical gold by post or over-the-counter at a bank or retail outlet.

Another advantage is they can be serialized and marked "void until issued" with the bank teller or ATM machine validating the certificate at the time of purchase, reducing the risk of theft.

From the perspective of most of the people that prefer an alternative store of value over central-bank-issued fiat currency, commodity-backed bearer certificates be subject to invalidation by corruption of the record-keeping system of the issuing entity is a disadvantage, not an advantage.

In fact, from the perspective of most of the people that prefer an alternative store of value over central-bank-issued fiat currency, commodity-backed bearer certificates relying on the continued existence of the issuing entity is itself a disadvantage. One of the major reasons people seek such alternatives is as insurance against the collapse of established institutions.

Surprised at the "useless" and "aprilfools" tags (2, Insightful)

stevegee58 (1179505) | more than 3 years ago | (#33721726)

Allocating some portion of your assets to physical gold and silver is simply prudent, not useless.

How secure is the pricing (1)

RichMan (8097) | more than 3 years ago | (#33721734)

Secure payment communications is old hat. I wonder how secure the pricing information is.
You could hack the communication to the local vending machine or do some DNS hacking on the source to the upstream feed where it reads the actual market price.

Set the price per ounce to 1/10 (1/100, 1/1000) of the actual market and you could make some pretty good money.

Wait, wait... let me get this straight... (1)

Zarf (5735) | more than 3 years ago | (#33721738)

You trade your cash for gold at these [cnbc.com] ... then you go to Cash4Gold [cash4gold.com] and trade the gold for cash?

Anonymous Coward. (0)

Anonymous Coward | more than 3 years ago | (#33721748)

April already?

Safety of walking around with a couple oz.? (1, Insightful)

Anonymous Coward | more than 3 years ago | (#33721782)

I'm pretty sure the walking around won't be a safety issue -- that's 2500 USD or so -- many of us routinely carry that much in electronics, and unlike a laptop or SLR bag, it doesn't draw any attention to you.

The only added risk is muggers staking out the ATM -- which they could do with any standard ATM as well. It's not like most of the transactions here will be for the big increments.

ATM thefts will rise (1)

Mad-cat (134809) | more than 3 years ago | (#33721838)

I've seen a lot of ATMs get stolen. It just takes a pickup truck, a crow bar, some chains and a couple of guys willing to take a risk.

If they'll do it for cash, anyone want to bet the percentage of gold ATMs that get stolen will be a lot higher than the percentage of regular ATMs?

Re:ATM thefts will rise (1)

Abcd1234 (188840) | more than 3 years ago | (#33721880)

It just takes a pickup truck, a crow bar, some chains and a couple of guys willing to take a risk.

I can only assume you've never weighed gold before. Good luck moving one of these things with anything but a forklift.

Is that really gold bars? (1)

damn_registrars (1103043) | more than 3 years ago | (#33721860)

A 1 ounce gold bar is worth somewhere beyond $1,000 USD. Yet 1 ounce of gold is not very large in volume; I don't see people rushing out to buy these very small "bars" at an ATM in a public place.

Not stolen Jewish gold I hope? (0)

Anonymous Coward | more than 3 years ago | (#33721894)

See subject.

mini gold reclaimer (1)

qwerty8ytrewq (1726472) | more than 3 years ago | (#33721946)

I hope someone makes wall-mount mini gold refineries soon. You chuck in your old mobile phones, computer gear, company watch, stolen jewellery, teeth of your vanquished foes etc, into a nice mercury bath. Then the machine does a nice agitate cycle, boils the Hg off (or whatever, something about arsenic/cynanide) and spits out your reclaimed gold in handy billets. It would be, like, a bullion times cooler than Mobile Muster [mobilemuster.com.au] , where they ask you to just fork over your old tech booty for nought. The fumes from the mini-refineries would be pretty bad though....

Pop Nerd Quiz:how many gold mullions [wikipedia.org] are in a billion bullions [wikipedia.org] ?

Of course Germans prefer gold (1)

MacGyver2210 (1053110) | more than 3 years ago | (#33721960)

[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."]

Of course they do. And their supply is unsurprising. Ever heard of Nazi gold? It didn't just evaporate, you know.

And selling it 30% above market price? Why would anyone 'invest' with this machine when it costs less to buy from a dealer somewhere?

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