Aptly titled "Gold To Go", the machine works just like any other ATM. Shoppers insert cash or credit cards and use a computer touch-screen to choose the weight and style they want. The machine gives out the gold in a black box with a tamper-proof seal.
The machine can come handy for serious investors as well as others who take a fancy for the novel idea. Thomas Geissler, CEO of Ex Oriente Lux, and inventor of the machine will take away the hassle of buying gold at pawn shops and over the internet.
The first of its kind machine was first installed at the Abu Dhabi's Emirates Palace hotel in May and later in Germany, Spain and Italy. A few hundred machines are ready to roll-out by 2011. The one installed in Abu Dhabi has been so popular that it has to be re-stocked every two days.
The machine manufactured in Germany has around 320 pieces of different-sized bars and coins. Prices are updated every 10 minutes due to fluctuating market rates. An ounce (28 grams) cost about $1,470.
Makers claim that the machine will hold around $150,000 in cash and gold. Security is intact both inside and outside the machine. Gold is still the preferred form of investment for a large number of people, but is inaccessible due to the hike in gold prices every hour.