Koreans go wild over gold dispensing machines

[searcher]

(Kitco News) South Koreans can buy gold out of vending machines placed at convenience stores, and sales are surging, according to local media.

The buyers are embracing the easiness of buying gold bars at vending machines, citing value appreciation and inflation concerns, UPI News Korea.

In the nine months that ended in May, $19 million worth of gold bar sales were reported, said GS Retail, the company that operates the convenience stores.

South Korea is selling gold bars in vending machines and sales are surging

www.kitco.com

 

[searcher]

Wonder how long this would last in certain American cities?

 

[Voodoo]

Wonder how long this would last in certain American cities?

I might even travel to Commiefornia to visit one. Of course, it'd already be empty.

 

[pmbug]

Thieves already back up the truck to steal ATMs. I can't imagine it would be much different with vending machines loaded with bullion. Unless they were too heavy to lift. Probably see thieves driving stolen forklifts all over the place in that case.

 

[pmbug]

In a groundbreaking development, Singaporean casinos are now equipped with state-of-the-art vending machines that enable visitors to convert their casino winnings into gold instantly. These remarkable machines, introduced by the Singapore-based company Asia Gold ATM, have been named SMART Gold ATMs and are currently operational at two prestigious resorts in Singapore: Marina Bay Sands and Resorts World Sentosa. The SMART Gold ATMs are designed to dispense gold bars and coins, with weights ranging from 1 to 20 grams each.
...
Looking ahead, Asia Gold ATM has ambitious plans to introduce two to three more machines in Singapore in the near future, while simultaneously exploring opportunities for expansion into other promising Asian markets.
...

Singapore And South Korea Pure Gold ATM Machine. - VaOR

In a groundbreaking development, Singaporean casinos are now equipped with state-of-the-art vending machines that enable visitors to convert their casino

vente-achat-or.org

 

[nickndfl]

Install one of those machines on the corner of MLK Blvd and Ave D in Chicago.

 

[Unca Walt]

Singapore And South Korea Pure Gold ATM Machine. - VaOR

In a groundbreaking development, Singaporean casinos are now equipped with state-of-the-art vending machines that enable visitors to convert their casino

vente-achat-or.org

It Is Beginning.

The normally-hidden primal urge for money to be something real, and not "equivalent to real".

 

[BeefJerky]

They have them in the Golden Nugget downtown Las Vegas. Never seen anyone use them. Premium is around 20% or so though if I remember correctly.

 

[Unca Walt]

They have them in the Golden Nugget downtown Las Vegas. Never seen anyone use them. Premium is around 20% or so though if I remember correctly.

That's nuts!

Charge 2% above dealer premium, and they'll run the machines dry. Convenience and permanence. The common premium for gold is about $60. Gold's at $2000, so that's 3%. Charge 5% at the machine, and make a $100 profit on every ounce.

They din' think this through. If you get $400 profit per oz. coin (20% vigorish), and sell two coins. Meh.

But if you "only" make $100 profit per coin, and this low rate results in four hundred coins being sold at this reasonable price and guaranteed quality (the potential savvy buyer can check and see the vigorish is right) -- the machine makes $4000.

 

[nickndfl]

They are selling convenience to lucky winners. Would be possible to launder $ too.

 

[searcher]

Video: Egypt has launched its first ATMs for gold. Here’s how they work​

The Egyptian Minister of Supply and Internal Trade, Ali Moslehi, on Sunday inaugurated the Third International Gold and Jewelry Exhibition NEBU, which saw the launch of the first ATMs used to withdraw gold bars within Egypt.

More:

Video: Egypt has launched its first ATMs for gold. Here's how they work - Egypt Independent

The Egyptian Minister of Supply and Internal Trade, Ali Moslehi, on Sunday inaugurated the Third International Gold and Jewelry Exhibition NEBU, which saw the launch of the first ATMs used to withdraw gold bars within Egypt.

www.egyptindependent.com