This from my brother, who works in banking:
A German firm that installs and manages gold vending machines aims to introduce them into the United Statesthis year as it expands rapidly to take advantage of demand for bullion in times of economic uncertainty.
Thomas Geissler, creator of the Gold to Go brand and chief executive of ExOriente Lux, told Reuters on the sidelines of the London Bullion Market Association conference that the company aims to issue a "couple of hundred" machines next year.
Gold to Go launched its first ATM in Abu Dhabi's Emirates Palace hotel in May. They are now operating in luxury hotels in Abu Dhabi, Bergamo and Madrid as well as around Germany.
"This year we will issue around 35 machines, and for next year we are looking for bigger numbers," Geissler said on Monday, standing in front of one of the ATMS, which was coloured and shaped like a giant gold ingot close to 2 metres tall.
The machines, which update the gold price every 10 minutes to match international markets, take cash or credit cards and dispense small bars—including 1 gram, 5 gram, 10 gram and 1 ounce units—as well as coins such as South African Krugerrands, Australian Kangaroos and the Canadian Maple Leaf.
The company's plans include expansion into the United States this year, first in Florida and then in Las Vegas, Geissler said.
As for major gold consumers India and China, that will have to wait for next year, he said. "We have large interest in these countries," he said. "This is the task for next year."
Leo Castagnera
BSA/Security Officer
The First National Bank of Palmerton
610-824-2326
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