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Gold Dispensing ATM Launched In Abu Dhabi.

Gold Dispensing ATM Launched In Abu Dhabi.

Old May 13th 2010, 4:02 am
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Default Gold Dispensing ATM Launched In Abu Dhabi.

Abu Dhabi's top hotel has upped the stakes in the contest to have the most glitz in the Gulf by installing an ATM that dispenses gold bars.
The machine at the Emirates Palace monitors the daily price of gold and offers small bars that weight up to 10 grams or coins with customised designs.

Thomas Giessler, the German entrepreneur behind the idea, chose Abu Dhabi because of its high-rolling atmosphere.

Gold to Go, Geissler hopes, will tie in nicely with the region's traditional ties in gold commerce.

The launch was timed well as on the day gold hit a record high of more than $1,245 an ounce.

http://news.sky.com/skynews/Home/Str...r_Gulf_Glamour
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Old May 13th 2010, 6:11 am
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Default Re: Gold Dispensing ATM Launched In Abu Dhabi.

At its zenith in the 80's Japan had machines on street corners dispensing diamond rings, starting at about 2000 quid if I recall. Never heard of any getting broken into, either. Juxtapose that aspect of their society with the fact that they also have machines dispensing guaranteed-worn-by-schoolgirl knickers.
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Old May 13th 2010, 8:32 pm
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Default Re: Gold Dispensing ATM Launched In Abu Dhabi.

Originally Posted by coffindodger
Abu Dhabi's top hotel has upped the stakes in the contest to have the most glitz in the Gulf by installing an ATM that dispenses gold bars.
The machine at the Emirates Palace monitors the daily price of gold and offers small bars that weight up to 10 grams or coins with customised designs.

Thomas Giessler, the German entrepreneur behind the idea, chose Abu Dhabi because of its high-rolling atmosphere.

Gold to Go, Geissler hopes, will tie in nicely with the region's traditional ties in gold commerce.

The launch was timed well as on the day gold hit a record high of more than $1,245 an ounce.
http://news.sky.com/skynews/Home/Str...r_Gulf_Glamour
Dazzit! In a nutshell.Brilliant marketing.Maybe the hotel will lose that mausoleum eerieness as many locals sit by the ATM,purchasing mint tea and shisha waiting for the right moment to feed the machine.Need to be a good deal to cover the price of afternoon tea....
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Old May 13th 2010, 8:48 pm
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Default Re: Gold Dispensing ATM Launched In Abu Dhabi.

Wouldnt last two minutes in the UK
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Old May 13th 2010, 9:35 pm
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Default Re: Gold Dispensing ATM Launched In Abu Dhabi.

Originally Posted by rjames87
Wouldnt last two minutes in the UK
Ah well, the difference in AD is you don't get a nice lady social worker to take you to Alicante or a ski trip for two weeks if you want to empty it with a jemmy.....You will find breaking the law can be a right pain in the ass.
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Old May 14th 2010, 4:20 am
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Default Re: Gold Dispensing ATM Launched In Abu Dhabi.

Originally Posted by coffindodger
Abu Dhabi's top hotel has upped the stakes in the contest to have the most glitz in the Gulf by installing an ATM that dispenses gold bars.
The machine at the Emirates Palace monitors the daily price of gold and offers small bars that weight up to 10 grams or coins with customised designs.

Thomas Giessler, the German entrepreneur behind the idea, chose Abu Dhabi because of its high-rolling atmosphere.

Gold to Go, Geissler hopes, will tie in nicely with the region's traditional ties in gold commerce.

The launch was timed well as on the day gold hit a record high of more than $1,245 an ounce.

http://news.sky.com/skynews/Home/Str...r_Gulf_Glamour
The machine at the Emirates Palace monitors the daily price of gold

How? If the price has risen in the last few seconds, will the ATM suddenly be able to draw more from your card to equate to the equivalent value of the gold bar?

And the gold has to be purchased in advance, to stock up the machine, so what if the gold price suddenly drops? Surely they won't sell the bars at a loss?

I predict a lot of "We regret the machine is temporarily out of service" moments.
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Old May 14th 2010, 6:40 am
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Default Re: Gold Dispensing ATM Launched In Abu Dhabi.

Originally Posted by The Dean
The machine at the Emirates Palace monitors the daily price of gold

How? If the price has risen in the last few seconds, will the ATM suddenly be able to draw more from your card to equate to the equivalent value of the gold bar?

And the gold has to be purchased in advance, to stock up the machine, so what if the gold price suddenly drops? Surely they won't sell the bars at a loss?

I predict a lot of "We regret the machine is temporarily out of service" moments.
Yes i also think this was a good idea but with very little thought has gone into it.
Interesting Project time will tell if it works or not.
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Old May 21st 2010, 9:23 pm
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Default Re: Gold Dispensing ATM Launched In Abu Dhabi.

Originally Posted by coffindodger
Yes i also think this was a good idea but with very little thought has gone into it.
Interesting Project time will tell if it works or not.
Slightly off topic, can one buy gold coins easily in the ME? Say in KSA?
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