German firm plans ‘Gold-to-Go’ ATMs to sell tiny, pricey gold bars
http://www.nationalpost.com/scripts/story.html?id=1610606
A German asset management company plans to set up 500 “Gold-to-Go” ATMs in Germany, Switzerland and Austria this year. A gold-dispensing automatic teller machine (ATM) was on display at Frankfurt’s main railway station for a one-day marketing test yesterday. A one-gram piece of gold, the size of a child’s little fingernail and about as thin, cost US$42.25–a 30% premium to the spot market price. The flat rectangular piece came out of the cash-only ATM in a tin box, including a certificate of authenticity. “This is more than a marketing gimmick,” said Thomas Geissler, chief executive of TG-Gold-Super-Markt.de, the company planning to set up the 500 gold ATMs at a cost of ¤20,000 ($31,500) apiece. “It is an appetizer for a strategic investment in precious metals. Gold is an asset everyone should have, between 5% and 15% of your liquid assets in physical gold,” he said.
