UAE unveils world's first gold bar vending machine

Thursday, 13 May 2010 7:25 AM

GOLD RUSH: The Gold To Go machine dispenses four different gold bars. (Getty Images - for illustrative purposes only)

The world’s first gold bar vending machine has been unveiled at Emirates Palace.

The Gold To Go machine, itself covered in 24-carat gold, dispenses one, five and 10 gram bars as well as one ounce bars of gold, the National reported on Thursday.

Six gold coins of varied weights and engraved with symbols of gold-producing nations Canada, Australia and South Africa, are also dispensed by the machine.

About AED175 will buy a one gram bar, AED760 a five gram bar and AED4,645 an ounce, the paper reports.

“It brings gold to the public,” Thomas Geissler, the chief executive of Ex Oriente Lux AG, told the paper. “It demystifies it.”

He said the German-made vending machine is the first of its kind in the world.

Gold To Go is protected by a range of security measures, including anti-money laundering software. It also tracks the gold price on fluctuating markets with an inbuilt website that transmits the information every 10 seconds, and updates the price accordingly every 10 minutes.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Read All 9 Comments

Posted by: Simon Saturday, 15 May 2010 4:30 PM[UAE] - UAE

When you take away the feelings of vulgarity, the ostentatious feelings of revulsion and hype aspect surrounding this machine, you can actually see it for what it is...A physical currency dispenser, just like any other ATM machine that dispenses paper currency. At a time when currencies are not worth the paper they are written on because they are backed by nothing other than a promise, gold, as a physical currency in your pocket could be the last bastion of wealth you may ever carry. To have AED5,000 of physical gold in your possession, in small denominations, makes perfect sence in these economic times. Gold will have a value long after a paper currency has lost its own. All i'm saying is that it not as stupid an idea as it seems to have these machines. If you are purchasing in close to real time commodity prices as possible and the spread is tight enough, it makes real sence. There is a finite amount of Gold in the world. As has been proven in the last 2yrs there is an infinate amount paper currency to be had. The more you print the less worth a currency becomes...its just a matter of time before the $US is taken down.

Reply to this comment.

Posted by: ahmed Saturday, 15 May 2010 11:27 AM[UAE]

wow...thank you so much...i was badly looking forward to this...now i can quench my thirst for gold coins any time...as things stand i have this daily craving to have daily dose of gold coins

Reply to this comment.

Posted by: Gold Coins Saturday, 15 May 2010 9:45 AM[UAE] - United States

Thanks for this update, really interested on the high status of gold today. Gold Coins

Reply to this comment.