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Posted: 3 years ago by
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Feeling flush? Meet the world's first gold-dispensing ATM

Gold dispensing ATM
Pic from Sky News

Not content to at least pretend to be in the same boat as the rest of us during the GFC, the management at the exclusive Abu Dhabi Emirates Palace hotel decided to rub our noses in it by installing the world's first ATM that dispenses pure gold.

If you haven't been there for a while, you might not remember the Emirates Palace isn't your usual run-of-the-mill motel; the residents include royalty and billionaires.

The machine is coated with a thin layer of gold and offers a choice of 320 items to withdraw, from 10g gold bars to customised gold coins, Reuters reported.

"The reason we chose Emirates Palace is because it really fits with the surroundings here," said German entrepreneur Thomas Geissler, who came up with the "Gold to Go" concept.

Quiz: What do you know about your memory?

"All the gold is imported from Germany, and soon we will have a customised gold bar with a print of the Emirates Palace logo, which will be a nice souvenir for guests to take home."

What's wrong with the traditional bottle of grog and carton of ciggies from duty free?

The machine has benefitted from good timing with gold prices reaching record heights this week as dealers invest in a safe option while the Greek debt crisis threatens the future of the euro.

Through a computer system, it updates the price of gold every 10 minutes and while only able to accept the local dirham currency at the moment, it will soon also take credit cards.

"On the first night we had a lot of demand," Geissler said. "One customer even bought one item of every product we have."

What will they think of next — marijuana vending machines? Oh...


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User comments
TO SHAZAM, I love how the aussies alws associate backwardness AKA forward thinking from a country that was the FIRST to do this.

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