Monday, May 24, 2010

Abu Dhabi Hotel Installs Gold Vending Machine

An Abu Dhabi hotel becomes the first place outside of Germany to install a gold vending machine. I have reported on these machines before and pointed out the ridiculous premium the other machines had. No word on the prices of this one except that is says the rates are 'constantly updated'. The more frequent the update the less of a premium you think they would need.

"Abu Dhabi's Emirates Palace Hotel became the first place outside Germany to install "gold to go, the world's first gold vending machine," said a statement from Ex Oriente Lux AG, the German company behind the vending machine.

"In addition to one-gram, five-gram and 10-gram bars of gold, the machine also dispenses gold coins," it added.

Gold rates are constantly updated inside the shiny machine -- itself gold-plated -- in the hotel's lobby, courtesy of a built-in computer connected to a dealer which sells gold online.

"This eliminates the risk premiums usually associated with precious metal trading," the German company said.

Hotel general manager Hans Olbertz said they wanted the hotel to be the first in the world to offer guests what he called "this golden service."

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