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ATMs That Dispense Gold Bars Coming To America
tetrahedrassface writes "As the US economic woes continue unabated, a German company is bringing gold-bearing ATMs to Mainstreet America. The machines accept credit cards, and will dispense 1 gram, 5 gram, 10 gram and 1 ounce units, as well as various gold coins. The company hopes to install 35 bullion machines in the United States this year, and will hopefully have several hundred up and running by next year. The machines will be decorated like giant gold ingots and be over two meters tall. Physical gold has both pros and cons, but from a safety standpoint would it be fine to have a couple of ounces in your pocket while walking around the mall? The giant, gold-dispensing ATMs will monitor the market conditions for gold every 10 minutes in order to reflect spot price changes as they occur." We already covered similar machines installed in travel hubs across Germany.
Meanwhile, Slashdot is bringing apostrophe abuse to America.
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It would be nice to not have to haul that entire bag of 2,000 coins back to town. I might run into a random encounter before then...
Libertarians somehow believe that private businesses should be stronger than governments but weaker than individuals.
I bet Glenn Beck is pissed about this.
Living With a Nerd
will we win a trip to Glenn Beck's magical crazy factory?
Eloi are stupid, throw morlocks at them!
You just got woosh-served.
then sell it for $300 an ounce
Uhhh, you haven't checked the price of gold in a while, have you?
[Insert pithy quote here]
You should learn what words mean before you correct people as it just makes you look like a total fool.
You should learn what a joke looks like before you correct people as it just makes you look like a total fool.
They say a little knowledge is a dangerous thing, but it's not one half so bad as a lot of ignorance. - Terry Pratchett
I think it was only illegal until the 70s or so, then the market was flooded with people who had been secret hoarding gold from earlier.
By the way, if you'd be willing to sell me your gold for $300 an ounce, then I'd be willing to buy it from you. In large quantities. Seriously.
To put that in perspective, that's over a hundred machines per person, or 3.3 machines per square foot of land. Talk about agressive expansion!
"A week in the lab saves an hour in the library"
What's the point of selling gold in a vending machine when no one is going to take a gold coin as currency?
The idea is to make money .. for the people who make the gold dispensing ATMs. Its nothing more than a capitalistic response to a fear based environment.
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how much is "35 bullion"
Probably more than three Brazilian. (If you thought it was a typo for billion, see bulk precious metal.)
Government did it once to force dollars into the market, it can do it again. What it can't ban is gold coinage. That is why even modern gold coins have a value of the countries currency stamped in it. So if they outlawed gold again, the "value" is stamped on the coin. That is the value that you would get back from he government if you were forced to turn it in.
Lets see, a 50$ gold eagle (1oz) sells for 1368.+/- Currnt value of 1oz of gold on market is 1297 as of now. US Mint sells them at bullion price, so you'll never buy one for the $50 strike value. That is just a matter of semantics in case they ever recall them. You just gave the government $1318 profit.
The other reason to have coin instead of bar is for "numismatic" value, so that even if US dollar is nothing the collection value of the coin would be worth something more than just the gold. (At least one would hope.)
I understand Beck's POV on gold, but it is NOT for everyone (and he says so), and an ATM for it it more of a marketing twist than anything.
--- Relax, that mass muderer is just trying to reduce our carbon footprint, one fetus at a time...
then sell it for $300 an ounce
Uhhh, you haven't checked the price of gold in a while, have you?
This is the same guy whom thought gold ownership was illegal... not exactly the most up to date...
"Science flies us to the moon. Religion flies us into buildings." - Victor Stenger
It's spelt billion.
This article has nothing to do with grains!
That's how us Brits spell "spelled": http://dictionary.reference.com/browse/spelt
If I have nothing to hide, you have no reason to search me
I hear those 35 bullion ATMs will be repaired and maintained by 4 Brazilian technicians.
Gold is only useful if you can hang on to it and survive the years between total collapse and the rebuilding of a new world.
Generally, gold is seized by whatever autocrats and strong-men are vying for power in the interim. In any case, during the hungry years, nobody has any use for gold.
But what's interesting this time around is that we're entering an age where canned goods are stable and good for years. We've never been through a societal collapse which has had access to high-quality, preserved goods.
Whatever. Skill sets are more important in the long run. Can you farm or make useful things? What value do you personally hold? Do people like you?
-FL
Exactly.
Don't be dumb and buy anything when it is near historically-high levels. You'll only be the "greater fool" that allows those people who bought near the lows and rode the price up to cash out just before the price collapses.
You should joke with a fool look-a-like before you correct people as it just makes you joke like a fool.
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If we're going mad max, farming is not where the money is. Subsistence is important, but you can always *trade* for food. Which is where gold comes in, as a near-universal currency. If you have enough of it, you can manipulate local markets to your benefit.
But anyway, the people who make out best in a mad max situation will be the merchants. Being able to supply many people with what *they* need is way more profitable than just being able to supply yourself (and family) with what *you* need for baseline subsistence.
So I say, rather than hoard gold or learn to farm, hoard farming tools and steel knives. And guns and ammo. And fuel. But don't neglect the high-profit luxury items and their inputs... someone needs to supply (at a profit) the local warlords and their mistresses. Hoard silk. Hoard glassware. Hoard dyes. Oh, and don't forget to make sure you have the resources to employ heavies to keep those warlords from taking your stuff for free.
And while you're at it, you might as well just become one of those warlords, and synergistically apply your brutal local enforcement methods to ensuring you are the *only* supplier of durable goods in your area. Then you can make sure to maximize your profits.
Wait, sorry, did I get off track with a libertarian fantasy?
"Trolls they were, but filled with the evil will of their master: a fell race..." -- J.R.R. Tolkien on Olog-hai
What I mean is they claim that the US dollar is going to become worthless, that only gold will hold any value... Yet they are willing to take your worthless US dollars in large amounts and sell you valuable gold for them. That tells you something, specifically that they are full of shit.
If I honestly believed gold would be the only worthwhile currency I sure as hell wouldn't give you any for dollars.
They are just playing in to a craze they know to be false and, as you said, this is an ultimate form of it. These things allow people to purchase with nothing more than a credit card, and do so at a massive price premium.