Gold ATMs made their debut in May, 2010 at the $3-billion Emirates Palace Hotel in Abu Dhabi, pictured above.
Seems like a nice idea to be able to walk up to a machine and buy yourself some gold coins or small bullion bars. A lot more convenient than the more traditional means of purchase.
Are there plans to install them elsewhere?
It seems there are. The same kind of gold ATMs will soon be appearing at a “well-known Las Vegas casino” and a Florida resort. And after that? Who knows.
But I’m betting we won’t be seeing them turning up in your local corner store, alongside the cash machine.
For one, each machine will require some live security people close by. After all, if you are seen buying something from one of these machines, a horde of muggers will probably be lining up to relieve you of your purchase as soon as you are done.
So for now, if more are installed, I think we can expect to see them only at large, upscale locations, with high-income customers and live security on the floor.
Within those upscale locations, I bet they will be successful.
Nothing says success like being seen walking up to a gold ATM and buying a few gold coins.