Gold ATM debuts in Abu Dhabi hotel as retail demand jumps

Posted on 13 May 2010 with no comments from readers

The Emirates Palace Hotel in Abu Dhabi yesterday unveiled the first Gold To Go dispensing machine in the world as the retail demand for gold continues to grow as faith in paper currencies declines.

The machine dispenses one, five and 10 gram bars of pure gold as well as a one-ounce bar and gold coins from Canada, South Africa and Australia. The bars will shortly be engraved with the crest of the Emirates Palace Hotel, one of the most prestigious buildings in Abu Dhabi.

Machine operator Ex Oriente Lux told The National newspaper that the aim was to bring gold to the public as well as being a souvenir for visitors and an investment proposition.

This is the same gold ATM that appeared at Frankfurt airport last year and now has a permanent home in the Abu Dhabi hotel. The changing price of gold will be reflected in the price of gold at the ATM which updates its rates every 10 minutes.

Just like an ATM an armored truck arrives to refill the machine but with gold and not cash, although gold is of course the only true money. The mark-up on the gold price is said to be two per cent, rather better than the local gold souk.