ATM bombing threats and fraud are not likely to hinder the first GOLD TO GO ATM opening up in SA, with German developer Thomas Geissler saying on Tuesday that the first one in SA should open at Cape Town's V&A Waterfront this year.
Without elaborating on the security technology underpinning the concept, Geissler, from Geissler C-B-T, says: “Our security concept is very well done, so we are pretty sure that GOLD To GO will come this year to the Waterfront in Cape Town.”
The concept began rolling out in 2009, when the first gold-dispensing ATM was installed at Frankfurt's airport. There are now machines in 11 locations in Germany.
The concept also seems to be taking off in the US, with machines being planned for 250 locations across the country, while ATMs are also visible in Spain and France and in the Arab world.
Geissler says his company is setting up a machine today on the 124th floor of the Burj Khalifa in Dubai - “the highest place a vending machine has ever been placed”.
It is an interesting concept. Cash, or a credit card, is put into the machine and a packaged gold coin spews out the other end. The dispensed gold can include Krugerrands or other small gold bars and coins.
Prices are based on spot prices for gold and updated every ten minutes. - I-Net Bridge