Koreans go wild over gold dispensing machines

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(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.

 
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.
 
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.
...

 
Install one of those machines on the corner of MLK Blvd and Ave D in Chicago.
 
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.
 
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.
 
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They are selling convenience to lucky winners. Would be possible to launder $ too.
 

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:

 

Gold bars are selling like hot cakes in Korea’s convenience stores and vending machines​

MAY 7 2024

  • Aside from ramen and sausages, South Korea’s convenience stores have a new popular item on the menu — gold bars.
  • A variety of finger-nail sized gold bars weighing between 0.1 gram and 1.87 gram have been up for sale at CU outlets since the start of April.
  • People in their 30s were most active in purchasing these gold bars, accounting for over 41% of the total sales since their launch.

Aside from ramen and sausages, South Korea’s convenience stores have a new popular item on the menu — gold bars.

The country’s largest convenience store chain, CU, has been collaborating with the Korea Minting and Security Printing Corporation (KOMSCO) to offer customers mini gold bars — and they’re selling like hot cakes.

A variety of finger-nail sized gold bars weighing between 0.1 gram and 1.87 gram have been up for sale at CU outlets since April. A 1.87 gram bar sells for 225,000 won ($165.76) and a 0.5 gram bar sells for 77,000 won.

Priced at 113,000 won each, 1 gram bars were sold out within two days, according to local news reports. The bars come with congratulatory messages, birthday wishes and even designs for personality types.

 
gold-coins.gif
 
When I was business traveling all over the world China -- Pacific Rim, Japan, Europe -- Besides cash, I always wore a heavy gold necklace, gold wrist bracelet on one side and a Rolex watch on the other, and carried two Krugerrands in my wallet.

From Alaska to South Africa and everything in between: Gold is, and always will be: money.
 
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When I was business traveling all over the world China -- Pacific Rim, Japan, Europe -- Besides cash, I always wore a heavy gold necklace, gold wrist bracelet on one side and a Rolex watch on the other, and carried two Krugerrands in my wallet.

From Alaska to South Africa and everything in between: Gold is, and always will be: money.
Actually, I tend to do the opposite. To dress down, to blend in with the locals. It was a practice I adopted without thought on it, in my early wanderings - I was as poor as anyone. Then, in the Navv, in various Safety Briefings before foreign ports-of-call, we were cautioned to not advertise with jewelry, etc. Some places, a hat was advised, not to show the military haircut. But in NO way, wear an expensive watch - even a cheap one. Put it in the pocket. Old boondockers or busted-up running shoes.

Later, starting out on a good-paying job, I was broke and living in wino-and-hoodrat country. But wearing worn tee-shirts, etc...even though I was white where that was unfashionable, I got left alone. St. Herman's House of Hospitality was about eight blocks away - all the bruddahs just figured I was one more homeless wino.

Of course, you and I would have traveled in different circles. My circles tended to be those of wet beer bottles...I could get away with dressing down.

Gold is money. Do not advertise that you have money. I'd feel better with a k-rand tucked into my sock, than wearing Pimp Bros' gold chains, waiting to be snatched off - me dead or alive, they care nothing.

To the original post: Gold vending machines are interesting, but only in passing. It would make no more sense to me than a stock-vending machine. When I want gold, I want to buy it deliberately - my dealer happily tests each item in front of me, to keep things on the level.
 
(*snicker*) I had an advantage most da bz (big noses) do not: I can sling the bat** and also (at the time) weighed 225 with 8% body fat. So I was, on average, approximately twice the size of the average Pacific Rim denizen.

Plus, it was verboten, kaput, and gesundheit to interfere with businessmen anywhere over there. Just wasn't done.

**Speak Mandarin
 
This one is in China. You can sell gold to this one.

 
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