Gold ATM's will offer more monetary justice

Preparing for the collapse of fiat currencies and the resulting flood of demand this will create for gold, this company has already set up 18 gold-to-go ATM’s across the world.  They have their sights on providing Capetonians with this crucial service of providing free market money that cannot be debauched by politicians.

New ATM dispenses gold

Article By: Evan Pickworth Wed, 26 Jan 2011 7:49

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.

If only the media could take cognisance of the fact that the biggest criminal element in money creation and distribution are the South African Reserve Bank and its banking cronies, who steal money from the people every year through the stealth of inflation.  Instead, true to the industry, the media focusses on the visible criminal element that gold ATM’s may bring.  What they should be focussing is on the unseen monetary justice that these ATM’s will bring to ordinary and everyday people who are looking to mind their own business and maintain the value of their own savings by exchanging their rands for gold.

Krugerrands and British sovereigns are legal tender in South Africa.  How can these journalists overlook the fact that gold is in competition with money, not even mentioning it?

Note also how the SA Gold Coin Exchange are the only ones quoted to note the risks to the business.  Just remember these ATM’s will be competing with the SAGCE, most likely providing a better service than them.  I’d also be a bit concerned as a SAGCE dealer should these ATM’s take off and be rolled out on a national scale.

However, this is great for us advocates of free market money and competing currencies.  HA says, Bring It On!

Do these guys seriously think these ATM’s will be placed outside in a parking lot that will leave them exposed to bombers?  My guess is they’ll be next or even inside an upmarket jewellery shop inside the mall.  The likelihood is that criminals would rather head for the jewellery shop if they were hell-bent on stealing gold, there’s a bigger concentration of gold just behind the glass.

ATMs may have criminals going for gold

Plan to install gold coin dispensing ATM at Waterfront


Published: 2011/01/26 06:38:21 AM

THOMAS Geissler calls his gold coin dispensing automatic teller machines (ATMs) Gold to Go. If his plan to install SA’s first such machine at Cape Town’s Waterfront comes to fruition, he may find they live up to their name — but not in the way he intends.

His company Geissler C-B-T has already placed 11 such ATMs in Germany Italy, Spain, the United Arab Emirates and the US. Mr Geissler said yesterday he hopes to install an ATM at the Waterfront this year.

The bombing of an Absa ATM yesterday morning in Lyttelton, a suburb of Centurion, highlights the challenge facing the German businessman.

The number of attacks on ATMs in SA rose 35% last year from 2009, an industry body, the South African Banking Risk Information Centre, said yesterday.

While Gauteng and Limpopo have borne the brunt of the robberies, the prospect of a newly minted gold-dispensing ATM may send a few criminals to the Mother City on a working holiday.

“You mark money in an ATM in the event of a bomb, but you can’t do that with gold coins,” said Alan Demby, chairman of the South African Gold Coin Exchange. “Thieves would just steal the coins and melt them down.”

Given the costs involved in maintaining and securing such a machine, Mr Demby questioned the viability of installing just one.

Geissler C-B-T yesterday installed two machines — on the ground and 124th floors of Dubai’s Burj Khalifa, the world’s tallest building — bringing its world total to 18, spokesman Joe Dreixler said.

The machines take cash or credit card payments and dispense a packaged gold coin in return. Prices, based on spot prices of gold, are updated every 10 minutes and there are a range of coins to choose from.

Mr Dreixler said his company has not yet started talks with potential local partners. It has also not yet done a detailed security assessment of SA, he said.

“We only accept locations with a very high security level — indoor locations only, not accessible by lorry, with security staff in the building,” Mr Dreixler said.

“I’m pretty sure that, with the standards given, we would be able to deliver in SA.”

2 Responses to “Gold ATM’s will offer more monetary justice”

  1. Emmanuel says:

    If the Krugerand is the legal tender, why should we sell these coins to agencies and pay commission? I should be able to exchange these coins for cash at any bank, I presume, which is not the case.

    • freeman says:

      Hi Emmanuel

      The strict or minimum definition of legal tender is that all persons are REQUIRED BY LAW to accept legal tender money as payment for the settlement of any debt. Being able to exchange gold coins for cash with banks is not the definition of legal tender, however I presume that one could, at great inconvenience and at risk of damaging ones credit status for life, force banks to receive gold as settlement of say mortgage debts or other debts one has with a bank.