A German asset management company plans to set up 500 Gold-to-Go ATMs in Germany, Switzerland and Austria this year.
A gold-dispensing automatic teller machine (ATM) was on display at Frankfurt’s main railway station for a one-day marketing test this week.
A one-gram piece of gold, the size of a child’s little fingernail and about as thin, cost US$42.25-a 30% premium to the spot market price.
The flat rectangular piece came out of the cash-only ATM in a tin box, including a certificate of authenticity.
“This is more than a marketing gimmick,” said Thomas Geissler, chief executive of www.gold-super-mark.de.
“It is an appetizer for a strategic investment in precious metals. Gold is an asset everyone should have, between 5% and 15% of your liquid assets in physical gold,” he said.
The gold ATMs to be set up at central locations such as airports, railway stations and shopping malls are intended to gradually accustom people to the idea of investing in physical gold, Geissler said.
The ATMs will be equipped with technology ensuring that the prices charged by the ATMs keep pace with those on the website ).