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« A “New GM”? | Main | Should Bernanke be reappointed as Fed Chairman? »
Tuesday
Jun302009

Eye Catching Gold

Gold Vending Machines 01 July 2009.JPG


Has anyone noticed the number of shops that have opened for the purpose of buying and selling gold?

A friend of the site has told us that there is now a trader in The Glades shopping center in Bromley, Kent, UK who has set up a stall and is offering to buy anything golden, broken jewelry, scrap gold etc.

Here in New Zealand there are a number of shops in and around Auckland that are also offering a similar service.

And then there is the latest craze of gold vending machines, excuse me, yip gold vending machines such as the one pictured above.

In today's market, gold bullion can be bought from dealers, jewelers, auctions, private investors, and now from gold vending machines.

German gold bullion dealer TG-Gold-Super-Market says it plans to install as many as 500 gold vending machines throughout Germany, Austria, and Switzerland this year.


The Stuttgart-based company aims to introduce the gold vending machines in train stations, airports, shopping malls, and anywhere else retail interest for gold bullion is likely.

The new gold vending machines will sell small 1, 5, and 10-gram gold bars as well as South African Gold Kuggarand Coins. TG-Gold-Super-Market says each vending machine will hold up to 1,500 pieces of gold bullion.


Prices for bullion from the vending machines will be about 30% higher than market prices and will be updated every 10 minutes to keep pace with gold spot prices.

Interest in gold has risen during the financial crisis, particularly in Germany


So, does this mean that the public are becoming more aware of gold and its value, not really, however, the entrepreneurial spirit is alive and well and positioning itself in front of the public via ever more creative ideas. Anyway would you trust gold to be gold if purchased from a machine and would you pay a 30% premium for the privilege?


Wherever you live please have a look round and let us know if any of these trends are gaining prominence in your area.




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Reader Comments (5)

I remember back to the last gold run. When gold hit 650 we saw the same craze, then it hit 800+ and was done. I am not calling a top in gold, but I do note this item from history.

July 1, 2009 | Unregistered CommenterBC

Hi Beb
More to the point....will this increase in scrap gold depress the price of the metal by increasing the supply?
Any ideas?
Regards

July 1, 2009 | Unregistered CommenterA

$800 back then was like $2500 today...notes are nice but THIS top has a longggg way to go, IMHO...sjm

July 2, 2009 | Unregistered CommenterSnakeman

A,

Yes we think that we will see an increase in scrap gold.

July 2, 2009 | Unregistered CommenterGold Prices

Here in Australia people blow up ATM machines and steal the loot, these vending machines would not last a week IMO over here. The Lebanese gangs would have a field day!

July 10, 2009 | Unregistered Commentermanicman

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