Gold-dispensing 'Gold to Go' ATM is itself a gold-plated marvel
By Ross Miller 
posted May 14th 2010 5:24AM
posted May 14th 2010 5:24AM
posted May 14th 2010 5:24AM
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why would you want one of these!!
@nabberuk Because you have an excess of oil money, and need a lavish way to spend it.
But honestly it could be a good, and simple way to invest in gold. Precious metals are almost always a safe bet.
@sweetelectro
Unless you can transmute metals inexpensively.
@nabberuk Well, while I agree this might seem stupid, and an incredible waste of money....
@sweetelectro
That's what they used to say about real estate.
@sweetelectro
Buying from this machine is definitely not a smart way to invest in metals.. Reason is because it charges about a 30% premium over spot prices. So you'd have to be pretty dumb to think it's anything more than a novelty item or souvenir.
@restonthewind
How has it ceased to be true?
I'll presume your from the US or UK (Apologies if I'm wrong) and we both have a so called "Boom and Bust" economy (I hate that media term too..).
As such, whilst your land may become worth less, it will always rocket back up to being worth loads. You can count on a "Bust", or "Slump" every 15 years or so, so if you buy land at such a time, and then at the "Peak" after a recovery season, you sell up, you've made a handsome profit.
@ruby
How long before they have the hand crank that imprints the name of the amusement park on the bar?
@restonthewind You do realize gold hit a record high of $1250 yesterday?
ok fine i will write the article this time;
"ABU DHABI // A machine that dispenses gold was unveiled at the Emirates Palace hotel yesterday.
At the unveiling, the machine’s promoter successfully withdrew a one-ounce gold bar after several tries with Dh500 notes.
The machine, called Gold To Go, dropped down a black box that contained the gold bar, further encased in a plastic box..."
picture: http://www.thenational.ae/apps/pbcsi.dll/bilde?Site=AD&Date=20100513&Category=NATIONAL&ArtNo=705129872&Ref=V4&Profile=1040
souce:http://www.thenational.ae/apps/pbcs.dll/article?AID=/20100513/NATIONAL/705129872/1040/OPINION
@Zylam
Zylam for emperor of engadget
@jasonbot
shh youll piss off vader
@Punisher Plum
i fear the force choke but my elements within celebrate
@Zylam
King of the Blog!
@Punisher Plum. It's too late, i heard it in the force. Zylam will be thrown into the Reactor shaft later today
@Lord Vader
Lord Vader, my Google is strong, the |Droid Rebellion| has began
For fear of a collapsing currency....The Gulf states are obssessed with gold. As a Brit abroad I was shocked by my gold plated toilet in Dubai, gold plated lift, gold plated electric sockets....they just love gold......cue Goldmember quote in 3...2...1...
@BurtonBytes
I am from Holland. Isn't that vierd? Yesh!
@BurtonBytes I'd have thought with all the sand around there that they'd be tired of that color. Though, maybe it's because gold is shiney.
@BurtonBytes Would you like a schmoke and a pancake?
@TheAngryIntern
Pipe and a crepe?
steps on how to spend your money:
1. get your ATM card
2. insert card to machine
3. enter pin code
4. enter amount you wish to withdraw.. ..oh wait.. ..maybe number of bars..
5. get gold bars.. kaching. kaching.. ..scratch that too.. maybe tok.. tok..
6. go to bank or gold merchants
7. sell the gold
8. get your money
now, that's what i call hard earned money! ^_^
@franzmeister1989
Yeah, but... they want gold, not cash. The cash/bills in a shaky economy over there will very quickly lose val---Uh.. wait.. you're like 11? Forget it. :P
@franzmeister1989
1989? He's 21, not 11. Math's hard.
Makes sense - gold is one of the most secure assets, more so than holding cash.
@r3loaded
You don't think there's any other way to invest in gold than by going to a vending machine stocked (by a 98 yr old semi retired Richie Rich, no doubt) with gold bars.....? That makes 'sense' to you?
Heheheheheheh
@Wesscoast Well, obviously it's a bit of a gimmick to literally "withdraw" gold from a machine. But it's intended to demonstrate to the average person that gold is a worthwhile, secure investment asset for something like their pensions.
I think some people hv jst a little bit of excess cash on their hands, TO THE POINT THEY CAN JUSTIFY SUCH A STUPID CONCEPT AS A GOLD VENDING MACHINE!!!!!!!
@tytania8
You mean a golden gold vending machine
@Max1980
Why hello there, Richie Rich.
But if I need a lot of money, then I need someone else to carry it...not much of a good idea, who knows, the other person might want to "share"...lol
I'll stick to the Euro for now.
in 2012, the world's currencies will become worthless, and people will revert to trading in precious metals.... >.>
imagine price labels that look like "2G 14S 99C"
@mocax Sounds like something out of an RPG =)
@duncanleung
Yes my bottle cap collection will finally be worth something!
@mocax
Money in the US used to be backed by silver,up until the 70's. Now money is essentially worthless, but it's worth is judged by it's perceived value. The dangers of a credit based economy for you.
@zeroinfinity2
Someone took econ 101! Way to amazingly over simplify an a incredibly complex topic, I see a bright future for you at the Fox Business network.
I love that the linked article (@Zylam's post) ends with the quote:
“When you travel and go back to your husband, instead of buying 50 bottles of perfume, you can show him that you bought some gold. He will like it better because you have made a smart choice. A gold purchase.”
Smart indeed.
Ironically the machine is the brainchild of a German with an evil accent. Sadly I never saw if he was being ably assisted by a hat obsessed killer Korean.
For more information click below for video....
In the words of Connery "Schoccking"
@BurtonBytes
http://www.youtube.com/watch?v=6u7NpURkw1w
too bad im poor
@GettoLoser
They would be too if we drilled more of our own oil.
That thing doesn't look bolted to the wall. It's gone in no time.
@FallenArms3 I don't think it would be as easy to steal as an atm machine with a truck and tow chain. This is gold were talking about here.
@zero1221 Considering the amount of gold in Abu Dhabi pretty much all over the streets, I don't think there's much concern with anyone trying to steal it.
I love goooooooold
@Greg i love stainless steel
@Greg Titanium BABY!
but does it blend?
Is this loading improperly for me, or does it really just say "damn thing ate my dollar" and "a dollar you say?"
@dustinface It must be loading wrong for you. It's telling me how for a limited amount of time you can get all the gold you want due to a glitch with the vending machines. I've already emptied my local machine and headed towards another as I type.