On 57th Street, between 6th and 7th Avenue, across from the Parker Meridien Hotel, is this Gold ATM. That’s right, a machine that dispenses gold. There are currently only 20 such Gold ATMs in the world, all made by TG Gold-Super-Markt corporation, an online trading platform for precious metals. The machines are the brainchild of TG Gold-Super Markt’s founder Thomas Geissler, who was inspired to repurpose the ubiquitous vending machines for a high-end purpose. The New York City Gold ATM is at Stack’s Bowers Galleries, a retailer and auctioneer of premium collectible coins, currency and precious metals.
The ATMs are covered in 24 karat gold leaf, feature a touch screen, and accept cash and credit card. The machines are “built like an armored vehicle,” says Geissler, and are theft-proof (the company tested the ATMs with explosives). Geissler wants to get 500 of the ATMs out there, not all to be located in ritzy places like Midtown West.
While the ATMs are intended as a marketing arm for TG Gold-Super-Markt, part of Geissler’s motivation is to undermine the big banks a little bit. The prices are updated every few minutes, and the camera ensures purchases are legal. Geissler tells The New York Times, “The banks have an oligopoly,” he said. “Generally, oligopolies wait too long to compete, and by then it is too late.”
When we stopped by, the Gold to Go ATM was offering a 1 oz. gold bar for $1,700, 10 grams for $627 and 5 grams for $327. In addition, there were silver Bronx Zoo coins featuring a bison (1 oz at $88) and a 1 oz silver eagle at $41.00.
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