Boca Raton now has gold vending machine (ATM)

[southfork]

http://www.newsmax.com/SciTech/GoldATM/2010/12/17/id/380226?s=al&promo_code=B530-1

Fancy ATM Skips the Folding Cash, Spits out Gold
Friday, 17 Dec 2010 07:02 AM Article Font Size


BOCA RATON, Fla. — Shoppers who are looking for something sparkly to put under the Christmas tree can skip the jewelry and go straight to the source: an ATM that dispenses shiny 24-carat gold bars and coins.

A German company planned to install the machine Friday at an upscale mall in Boca Raton, a South Florida paradise of palm trees, pink buildings and wealthy retirees.

Thomas Geissler, CEO of Ex Oriente Lux and inventor of the Gold To Go machines, says the majority of buyers will be walk-ups enamored by the novelty. But he says they're also convenient for more serious investors looking to bypass the hassle of buying gold at pawn shops and over the Internet.

"Instead of buying flowers or chocolates, which is gone after two or three minutes, this will stay for the next few hundreds years," Geissler told The Associated Press in a telephone interview.

The company installed its first machine at Abu Dhabi's Emirates Palace hotel in May and followed up with gold ATMs in Germany, Spain and Italy. Geissler said they plan to unroll a few hundred machines worldwide in 2011. He said the Abu Dhabi machine has been so popular it has to be restocked every two days.

The gold-leaf-covered machine at Boca Raton's Town Center Mall sits outside a gourmet chocolate store and works just like the two cash ATMs beside it. Shoppers insert cash or credit cards and use a computer touch-screen to choose the weight and style they want. The machine spits out the gold in a classy black box with a tamper-proof seal.

Each machine, manufactured in Germany, carries about 320 pieces of different-sized bars and coins. Prices are refigured automatically every 10 minutes to reflect market fluctuations. At prices from one point earlier this week, a two-gram piece cost about $120, including packaging, certification and a 5 percent markup. An ounce cost about $1,470.

Buyer beware: A gram of the heavy metal is much smaller than you think, about the size of a fingernail. An ounce is a little larger than a quarter.

Owners said the machine, which will



Read more: Fancy ATM Skips the Folding Cash, Spits out Gold

[Irons]

Cool Beans, I can't wait to try one out!

[SongSungAU]

I would like to see one of those in person. I imagine they are very cool. However, I'm not sure I would use one. Too many people would know you are walking around with gold on you. How long before someone stakes out that gold ATM and follows a user to the parking lot and holds them up?

Using one is just a bit too public for my likes. I would still like to see it though.

[southfork]

$120 for a 2 gram bar is kinda pricey, comes out to 1860 an ounce, ouch.

[latemetal]

Still, I wish I lived closer so I could buy just one item from the machine. I think it is neat.

[KGMe]

Still, I wish I lived closer so I could buy just one item from the machine. I think it is neat.

I'm with you here. And premiums are always larger on smaller pieces. I'd love a nearby machine that stocked Pamp Suisse bars 10g and up!

And as far as thieves staking out the machine, the one in the article is next to two normal fiat machines. Now who do you think a thief is going to target, the guy carrying a product he will have to fence (and has a higher likelihood of a CCW) or the guy with the straight up fiat cash? I carry around a few ounces of gold worth of electronics every day. Adding more isn't going to bother me. Grabbing a small bar on my way from work would be a nice way to celebrate the end of a work week, or add to my stash every payday as part of a simple DCA plan.

[dacrunch]

anybody report on the selection & pricing?

:bandit:

.

[silverblood]

So the machine dispensed an ounce for $1470 at the time the article was written. It's too bad the author didn't mention what the spot price was at the time. He mentioned a 5% markup, so maybe around $1400? That's a little high premium for a 1 ounce gold bar, but it is less than the premium APMEX charges for a 2010 GAE. So depending on the product selection, it could be a reasonable deal. Other than being recorded by multiple cameras on the machine and in the mall the whole time you are using the ATM, it amounts to an on-demand non-traceable cash purchase of gold. What's not to like? Wear a high quality disguise, and go for it!

[Another]

Yeah, where do I buy one of the MEL GIBSON rubber masks?

And I'll carry a sign LIKE Mel Gibson did in "DIE HARD III."

I can see it now, passed with the other 20,000 unnecessary laws next year:

"Thou shalt NOT wear any undercover device when purchasing your freedom loving gold and be politically correct - no truth allowed."

He's always in trouble anyway...

[silverblood]

Yeah, where do I buy one of the MEL GIBSON rubber masks?

And I'll carry a sign LIKE Mel Gibson did in "DIE HARD III."



Mel Gibson didn't act in Die Hard 2.

[Aurumag]

The article at the link below says that the gold ATM will have about $150,000 worth of metal at any given time, and therefore a live body armed guard will be standing by.

Link to AP article. (http://www.google.com/hostednews/ap/article/ALeqM5jmSWQY1yZOVFL-Z8ud4zi3kYb2mw?docId=83f68a8a490f4cd48408689928393 d97)

http://www.gold-to-go.com/en/

Does anyone know how much cash in FRNs would be inside a typical ATM machine? I would guess at least $100,000 on any given Friday afternoon, in which case, the armed guard seems unnecessary.

I like the concept, and in fact an associate of mine built a silver vending machine years ago, which was located inside a grocery store. I will see if I can dredge up more information regarding whether the Ag vending machine is still in use.

[dacrunch]

compendium of articles:

http://newsfeedresearcher.com/data/articles_b51/gold-machine-company.html

[dacrunch]

The article at the link below says that the gold ATM will have about $150,000 worth of metal at any given time, and therefore a live body armed guard will be standing by.

Link to AP article. (http://www.google.com/hostednews/ap/article/ALeqM5jmSWQY1yZOVFL-Z8ud4zi3kYb2mw?docId=83f68a8a490f4cd48408689928393 d97)

http://www.gold-to-go.com/en/

Does anyone know how much cash in FRNs would be inside a typical ATM machine? I would guess at least $100,000 on any given Friday afternoon, in which case, the armed guard seems unnecessary.

I like the concept, and in fact an associate of mine built a silver vending machine years ago, which was located inside a grocery store. I will see if I can dredge up more information regarding whether the Ag vending machine is still in use.

I would suspect that the guard would be there so that the customers wouldn't be preyed upon by "riff-raff"... That's the same mall where a woman & her child were murdered a few years ago in their car in the parking lot, if I'm not mistaken...

:bandit:

[RoadKing]

I would suspect that the guard would be there so that the customers wouldn't be preyed upon by "riff-raff"... That's the same mall where a woman & her child were murdered a few years ago in their car in the parking lot, if I'm not mistaken...

:bandit: That's correct. They still haven't found the culprit(s).

Having a guard at the ATM is one thing, but does nothing for the 'Customer' getting from it to their car / home. The Riff-Raff just need follow em a few feet, or more, from ATM and instill their will on the now once owner of the PM.....

RK

[rodzm]

Many of you probably remember me attempting to visit one of the machines here in Germany, particularly the one that was at Frankfurt Airport at one time (it was there for a limited time) and I came back empty handed because the machine was no longer there.

Well I just so happen to check the Gold to Go website and it looks like they installed a machine in the city I live in (Mannheim) and only 18 minutes from my apartment. Needless to say I will try to go there on Wednsday afternoon.

This one machine was not there when I made my trip to the airport back in October so Im pretty certain that I will be successful. Ill be bringing my camera to take pictures and perhaps record the experience.

Looks like it is there at least from the picture they show:

[SongSungAU]

Here's a video of the Boca Raton machine.

Okay here's the URL. I can't get the video to embed in this thread.

http://www.q13fox.com/news/fl-gold-vending-machine-20101217,3,4770264.story

[SongSungAU]

And there are six photos here:

http://www.wpbf.com/r-slideshow/26172180/detail.html

[Nickelless]

Would you have to fill out a 1099 if you put more than $10,000 cash in the vending machine? Not that this would be a problem for me at the moment.:biggrin:

[Irons]

I would like to see one of those in person. I imagine they are very cool. However, I'm not sure I would use one. Too many people would know you are walking around with gold on you. How long before someone stakes out that gold ATM and follows a user to the parking lot and holds them up?

Using one is just a bit too public for my likes. I would still like to see it though.

I would be more worried walking away from an ATM with a handful of FRN's than a chip of gold most morons woulden't have any idea what to do with.

[Irons]

Would you have to fill out a 1099 if you put more than $10,000 cash in the vending machine? Not that this would be a problem for me at the moment.:biggrin:

Good Point, kinda defeats the old 1099 dilemma don't it?~:bandit:

[Gcubed]

Would you have to fill out a 1099 if you put more than $10,000 cash in the vending machine? Not that this would be a problem for me at the moment.:biggrin:

NO!! 1099's are generated by dealers/brokers when you sell. A form 8300 is generated when you BUY using $10,000 CASH or equivalents.

[silverblood]

Would you have to fill out a 1099 if you put more than $10,000 cash in the vending machine? Not that this would be a problem for me at the moment.:biggrin:

No.

For 1099, you mean $600 anyway, right? Individuals purchasing from businesses or from other individuals are not required to file a 1099 on the recipient of the funds, as best I can tell.

The $10,000 cash figure is what triggers the IRS Form 8300 filing under cash reporting rules.

Maybe not authoritative, but a convenient source, here is a quote from Fisher Precious Metals The Truth about Precious Metals Reporting (http://fisherpreciousmetals.com/2009/11/the-truth-about-precious-metals-reporting/)


IRS Form 8300 reads: “Who Must File – Each person engaged in a trade or business who, during that trade or business, receives more than $10,000 in cash in one transaction or two or more related transactions must file Form 8300. Any transactions conducted between a payer (or its agent) and the recipient in a 24-hour period are related transactions.”

As long as you don't buy more than $10,000 worth of gold from the machine per 24 hours, the operator of the machine will not have to file a form 8300.

Unless some form of ID is required when you buy gold with cash, I don't see how they'd know that separate purchases were related anyway. Just keep it under $10k per purchase. You know, that is 500 $20 FRNs.

[Green Light]

I know what vending machines are like.

You'd probably put your giant wad of cash into the machine and push the button and nothing would come out.

[Nickelless]

No.

For 1099, you mean $600 anyway, right? Individuals purchasing from businesses or from other individuals are not required to file a 1099 on the recipient of the funds, as best I can tell.

The $10,000 cash figure is what triggers the IRS Form 8300 filing under cash reporting rules.

Maybe not authoritative, but a convenient source, here is a quote from Fisher Precious Metals The Truth about Precious Metals Reporting (http://fisherpreciousmetals.com/2009/11/the-truth-about-precious-metals-reporting/)



As long as you don't buy more than $10,000 worth of gold from the machine per 24 hours, the operator of the machine will not have to file a form 8300.

Unless some form of ID is required when you buy gold with cash, I don't see how they'd know that separate purchases were related anyway. Just keep it under $10k per purchase. You know, that is 500 $20 FRNs.

I don't care what the operator of the machine would have to file with the IRS. I just don't want Big Brother knowing I just bought gold!

[gold miser]

I know what vending machines are like.

You'd probably put your giant wad of cash into the machine and push the button and nothing would come out.

can you imagine someone shaking and kicking the hell out of one of thoes machines:realmad:

[S.McDuck]

I don't care what the operator of the machine would have to file with the IRS. I just don't want Big Brother knowing I just bought gold!

how do you buy gold secretly NOW?

[Nickelless]

how do you buy gold secretly NOW?

I don't, I buy silver. :biggrin:

[S.McDuck]

I don't, I buy silver. :biggrin:

you just do your best dale gribble and mumble and pay in cash or what?

[Nickelless]

you just do your best dale gribble and mumble and pay in cash or what?

Can't say that I've ever had enough cash in hand for IRS reporting to be a problem. Not that I wouldn't mind having that much FRNs in hand to buy PMs with! :biggrin: