German company unveils gold ATM

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Wednesday, 20th May 2009 (7501 views)

A German firm has responded to growing demand for gold by creating an automatic teller machine (ATM) that dispenses the precious metal.

Unveiling its new product at the main railway station in Frankfurt, the asset management company recommended that people hold up to 15 per cent of their wealth in physical gold, Reuters reports.

TG-Gold-Super-Markt is planning to roll out 500 of the new Gold-To-Go ATMs across Germany, Switzerland and Austria over the next year.

Thomas Geissler, the firm's chief executive, told the news source that the move is "more than a marketing gimmick" and is "an appetiser for a strategic investment in precious metals".

Consumers can purchase one gram, five grams or ten grams of gold from Belgian metals specialist Umicore via the machines.

Each piece of gold comes in a box with a certificate of authenticity and one gram currently costs €31 (£27.27).

Meanwhile, two one-kilogram gold bars from Switzerland and Russia are expected to generate bids of $28,000 to $30,000 (£18,370 to £19,690) during Pook & Pook's Variety Auction later this month.