German firm developing vending machine for Buying Gold
A German company is putting a new spin on Gold Investment by unveiling plans to sell the yellow metal in vending machines, it emerged today (June 18th).
TG-Gold-Super-Markt, based in Reutlingen in the south-west of the country, is developing a machine which can dispense small pieces of gold in boxes for about $42.
CEO Thomas Geissler came up with the idea before the collapse of Lehman Brothers last September and has discussed it with potential contractors in Asia, the Middle East, the UK and the US.
He explained that the move makes perfect sense at a time when people are keen to Buy Gold as a hedge against the inflationary period that could follow the global financial crisis.
"People do not believe that the worldwide financial changes will have a good end. So I say give the people what they like to buy," he told the Associated Press.
Gold's appeal as a hedge against inflation was also alluded to last week by Marcus Grubb, managing director of investment, research and marketing at the World Gold Council.
He explained that investors buy into gold for a number of reasons - such as its safe-haven status and due to a falling dollar - but that inflation is now well and truly on their radars.
"It is not only about the dollar, not only about diversification, but also about future inflation," he was quoted by Reuters as saying last week at a conference organised by ETF Securities.
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