Thursday, May 13, 2010

Global Credit Crisis Solved: An ATM that Dispenses Gold Bars

(Photo Courtesy of the The National)
Honestly, this doesn't even need a clever title or any spin:  Emirates Palace hotel, in Abu Dhabi, has just installed an ATM machine that dispenses solid gold bars in 4 different sizes as well as solid gold coins.

I know, it's a common problem - you have too much money, but you can't spend it like water when the ATM limits your withdrawals to $5,000 a day (seriously - people buy cars with a fews trips to the ATM over here).  Let it not be said that the Middle East doesn't innovate - astronomy, assasins, our modern Arabic numerals, the word "alcohol" (originally "al-kuhl") - and all other nice things starting with the letter A.

This ATM, however, is just all kinds of right.  About AED175 ($47.60) will buy a one gram bar, AED760 ($206.80) a five gram bar and AED4,645 ($1,263.90) an ounce, according to The National newspaper.  Of course, the ATM checks the daily price of gold and adjust accordingly.  "It brings gold to the public,” Thomas Geissler, the chief executive of Ex Oriente Lux AG, told the paper. “It demystifies it.”

It sure does.

1 comment:

udjim said...

In the words of Kenny Bania, this idea is "Gold, Jerry, Gold!"

It would be even better if there were another kiosk, 50 meters away, where you could cash in your gold could clock the speculators running from one to the other.