Gold to Go
From Wikipedia, the free encyclopedia
Gold to Go is a product brand created by the TG Gold-Super-Markt corporation to dispense items made of pure gold from automated banking vending machines.[1]
The first gold-plated vending machine was located in the lobby of the Emirates Palace hotel in Abu Dhabi and dispensed 320 gold items, including 10-gram gold bars and customized gold coins.[2] As of now, there are six vending machines installed across Europe and Peru.[citation needed]
The first vending machine in the United States was installed in Boca Raton, Florida, in December 2010.[3] The "gold ATMs" are designed to be placed in shopping malls and airports, aiming to make ordinary people comfortable with the idea of investing in gold. The vending machines update their prices to reflect market value minute via an encrypted internet connection.[2]
The concept was developed by Thomas Geissler, who previously created an online platform for trading precious metals. He stated that his initial inspiration was observing the "seemingly endless" line of traditional toiletries vending machines at airports and train stations, and during his search for advertising models for an online marketplace.[4] The initial prototype system was installed in Frankfurt in 2009, where it dispensed 1-gram pieces of gold at a 30% premium above market price.[5]
The German corporation planned to distribute 500 "gold ATMs" throughout airports and rail stations in Germany, Austria, and Switzerland. Meanwhile, the company FONDS-Zentrum Nürnberg in Nuremberg Germany bought the assets of the Gold ATMs to distribute the Gold vending machines to private companies or persons.
In 2017, the first gold ATM that had been installed in Dubai, was permanently closed.[6]