05/13/10 Stockholm, Sweden – On the run and need a quick 10-gram bar of gold? It’s no problem if you live in Abu Dhabi, or are just crashing at The Emirates Palace… a $10,000-a-night luxury resort.
OK, maybe it’s not a problem you run into very often. It still sounds like an impressive innovation.
“With gold prices at record highs amid fears that the EU’s rescue package will drive inflation higher, the ATM monitors the daily price of gold and offers small gold bars that weigh up to 10 grams with customized designs.
“This could be just what those who stay in one of the world’s most expensive hotels will need as they watch the euro, yen and dollar jump around in volatile trade…
“…Thomas Giessler, the German entrepreneur behind the idea, chose Abu Dhabi because of its high-rolling atmosphere. Geissler said he hopes his Gold to Go machine will tie in nicely with the region’s traditional ties in gold commerce.”
Leave it to a high-end Abu Dhabi hotel to be a first-mover in this fast food version of hard money delivery.
While US bankers continue to draw ire as they hone their expertise at weaving dollars (as opposed to gold) out of straw, a golden ATM is just the kind of financial innovation that is pretty easy to get behind.
Best,
Rocky Vega,
The Daily Reckoning
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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