(17 May 2010 – Global) An ATM dispensing gold has been installed in the lobby of Abu Dhabi’s five star Deluxe Emirates Palace hotel.The ATM was developed by Germany’s TG Gold-Super-Market and will dispense 24 carat one, five and 10 gram pieces of gold.
The machine will also dispense coins stamped with designs like the Krugerrand, Maple Lea and Kangaroo on them.
To keep up with market fluctuations, a computer in the machine, itself gold-plated, will constantly update prices in line with the firm’s online store.
Retail demand for gold worldwide reached an estimated 108 tonnes in 2008, up 200 percent from 36 tonnes in 2007 and up 286 percent from 28 tonnes in 2006.
When revealing plans for 500 similar machines in May last year, Thomas Geissler, owner of TG-Gold-Super-Market, said that investors have always preferred to hold a lot of personal wealth in gold, for historical reasons. Gold is a good thing to have in your pocket in uncertain times.