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Gold Sold From Vending Machines In Germany 472

Posted by samzenpus
from the correct-change-only dept.
There are fewer hassles for an adventurer or business traveler bigger than lugging around bags of silver and copper pieces. Luckily TG-Gold-Super-Markt has installed gold vending machines in 500 locations including train stations and airports all across Germany. The machines charge about 30% more than the current trading price for gold, and are updated every few minutes. All are closely monitored by cameras, and like 3rd and 4th edition, electrum pieces are not accepted.

*

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Gold Sold From Vending Machines In Germany

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  • Im sorry (Score:2, Interesting)

    by anglico (1232406)
    but I can't see the point to this. Granted I don't have the problem of needing to have gold bars available but I still can't see why somebody would do this.
    • Re:Im sorry (Score:5, Informative)

      by zwei2stein (782480) on Wednesday June 17, 2009 @03:07PM (#28364791) Homepage

      When Inflation hits hard and money turns to useless paper, gold or anything similar is how you preserve your assets.

      Germany after WW1 actually saw this (bread costing million one day and 10 million the other day, but exactly same amount of barter currency. It made helluva lot sense to spend 1000 on gold because withing year those 1000 were only good as tinder and would buy one something like one grain of wheat while gold kept value much, much better.)

      Remember that money nowadays that is unbacked is just piece of paper without government enforcing it as legal tender as it is.

      Gold at 30% extra is swell deal if you are faced with possibility that your cash would be worth 50% less tomorrow.

      • Re:Im sorry (Score:5, Insightful)

        by fuzzyfuzzyfungus (1223518) on Wednesday June 17, 2009 @03:20PM (#28364993) Journal
        Trouble there is, nobody would be selling gold at +30% in exchange for a paper currency that will be worth half as much tomorrow.

        If you want to buy gold at any reasonable rate, you pretty much have to do it well before you actually need it(or you have to be buying in some other apocalypse currency, like dog food or ammunition).
        • by Abreu (173023) on Wednesday June 17, 2009 @03:30PM (#28365139)

          apocalypse currency

          Your ideas intrigue me and I would like to subscribe to your newsletter

        • Re:Im sorry (Score:5, Insightful)

          by vertinox (846076) on Wednesday June 17, 2009 @03:53PM (#28365415)

          If you want to buy gold at any reasonable rate, you pretty much have to do it well before you actually need it(or you have to be buying in some other apocalypse currency, like dog food or ammunition).

          See. I don't understand the gold bugs. Most of their hyper-inflation apocalypse scenarios they state that gold will be the new currency, but time and time again nations that have went through hyper-inflation have reverted to bartering instead.

          When people are in times to need, they look to commodities with utility rather than value.

          So in the wastelands in the future people will value gas, water, canned food, guns and ammo and not a pretty metal.

          Secondly, if anarchy does set in, you can always use your gun to take someone else's gold if you wanna bother lugging that around.

          • Re:Im sorry (Score:5, Insightful)

            by MBGMorden (803437) on Wednesday June 17, 2009 @04:39PM (#28365945)

            I think you'll notice though that much like the gold mentioned in the article, people are stocking like CRAZY on ammunition right now. Prices have doubled (or more) in the last 6 months. You have about a snowball's chance in hell of finding any common pistol ammunition on the shelves right now (9mm, .45acp, .40s&w, etc) - people are literally waiting at stores as the boxes are unloaded and buying it all up immediately. All the local stores have had to put a per item limit on customers just to try and keep the speculators from buying it all.

            Even if you reload your own it's tough times. To load a round of ammo you pretty much need a case, a primer, powder, and a bullet. Cases are reuseable. For slower rounds bullets can be cast at home out of scrap lead (I've got about 400 lbs melted into lead bars if needed). Powder and primers usually must be purchased (you can make black powder at home, but it's usually poor quality and most loaded rounds use smokeless powder rather than black powder anyways). Like the loaded rounds though, the primers have become rarer than hens teeth. When they become available people are buying them 10,000 or more at a time.

            I think overall, be it gold or ammo or canned goods, a lot of people are dumping a lot of money into supplies that they feel will see them through some tough times.

            • Re: (Score:3, Interesting)

              by geekoid (135745)

              Mostly in the south, out of fear of the black president.
              Irrational knee jerk reaction.

              Plenty of Ammo here on the west coast.

      • Re:Im sorry (Score:5, Insightful)

        by panthroman (1415081) on Wednesday June 17, 2009 @03:32PM (#28365161) Homepage

        Gold at 30% extra is swell deal if you are faced with possibility that your cash would be worth 50% less tomorrow.

        No it isn't, because one of your other options is gold without the 30% premium. If you don't like fiat currency, fine, invest in whatever you like. But why you'd pay a premium over the market value is beyond me.

        Vending machines work for candy bars. I'm willing to pay a markup because I want my snack in my hand right now. What could possibly be the urgency with gold?

        (Yeah, yeah, hyperinflation in post-WWI Germany or late '80s Argentina or current Zimbabwe. You think what Zimbabwe needs are vending machines for gold?)

        • Re:Im sorry (Score:4, Insightful)

          by oldspewey (1303305) on Wednesday June 17, 2009 @03:50PM (#28365385)

          The term "market value" for gold is idiotic to begin with. Market value for what? Gold smelted into 1000oz bars? Gold minted into pretty 1g wafers with a fancy design on the face and fluted edges to prevent dishonest vendors shaving some off? Gold in the form of a promissory note from a bank that holds the equivalent in metal in their vaults? Gold in the form of a promissory note from an institution that holds only a fraction of your gold but claims they are "good for the rest?"

          Each of the above will command a different premium over the spot price you see quoted in your newspaper ... and some of those premiums might even be 30% or more depending where you buy.

        • Re: (Score:3, Informative)

          by compro01 (777531)

          No it isn't, because one of your other options is gold without the 30% premium

          Only if you're buying in large quantity.

          For example, spot price of gold is currently $936/ounce. More readily purchasable gold bullion coin (using the 1oz Canadian gold maple leaf as an example) is currently priced at $1078/ounce, which is a 15% markup. and now consider these are selling in 1/30th that quantity and the markup is higher. Compare a 1 kilo (32.15oz) bar of gold, which currently costs $31,396, or $976/oz, which is only a 4% markup.

          As usual, buying in bulk is cheaper, provided you have the mo

      • by jameskojiro (705701) on Wednesday June 17, 2009 @03:48PM (#28365361) Journal

        Copper currency is good because the copper has an intrinsic value.

        So I am hoarding Pennies, pre 1982 pennies, made a machine to sort them out of the regular pennies and go to bank to buy all of the pennies that they have then sort out the pre 1982 pennies and cash back in to new pennies for older unsorted pennies. i figure a couple thousand dollars of copper in pennies (which I won't melt, but will hoard) are less of a rip off than buying gold. Copper is always useful.

        I am also hoarding quarters, nickels and dimes as well just not in as high quantities as pennies. My goal is to get a few barrels of pure copper pennies. Them be really good barter tokens in an apocalyptic world.

        Gold, pfaw, gold is for the elite asswipes who will rule the post apocalyptic fiefdoms, I am into copper cause I am going to become a mid class merchant who bakes bread, gets fed and maybe sells goods to the elite. The elite are goign to be involved in wars and stuff and probably be dangerous, I am going to be a merchant.

      • Re:Im sorry (Score:4, Insightful)

        by Lord Ender (156273) on Wednesday June 17, 2009 @04:04PM (#28365525) Homepage

        Meanwhile, back in reality, paper money is gaining in value as prices fall.

        http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aE9AA32hx8ek [bloomberg.com]

        So go ahead and buy your vending-machine gold (instantly losing 30%) and keep talking about hyperinflation as the recession eventually ends and gold crashes back to pre-recession prices.

    • by fuzzyfuzzyfungus (1223518) on Wednesday June 17, 2009 @03:12PM (#28364863) Journal
      The vending machines are actually a public safety measure. Whenever somebody "goes Galt" they will immediately head for the nearest gold vending machine, in order to exchange their fiat money slave-currency for good solid gold. They can then be registered by the cameras and collected before they have a chance to cause any public disorder.
      :Conspiracy theory ends:
    • Re:Im sorry (Score:4, Insightful)

      by lgw (121541) on Wednesday June 17, 2009 @03:25PM (#28365061) Journal

      It's a panic sparked by a fear of a coming currency collapse - quite a reasonable fear given the current rate of US government spending, but still a very low probability event. However, while hedging against the chance of the dollar collapsing (and taking the Euro with it) makes sense, it only makes sense to pay a very small premium to hedge against this unlikely event.

      Some see this hedging going on by central banks and other who buy and sell gold by the ton, and overreact. Physical gold coins are a total ripoff right now (and entire industry has emerged to exploit the panic), and, seriously, if society collapses to the point that legitimate "intangible" gold (such as GLD shares) become worthless, you don't want gold coins, you want *guns*.

  • Ouch (Score:5, Funny)

    by Xsydon (1099321) on Wednesday June 17, 2009 @02:44PM (#28364483)
    I prefer a candy bar. Gold hurts when I chew.
  • Sell signal (Score:4, Insightful)

    by Cereal Box (4286) on Wednesday June 17, 2009 @02:45PM (#28364501)

    If this isn't a "sell" signal, I don't know what is.

    • Re: (Score:3, Informative)

      by vertinox (846076)

      If this isn't a "sell" signal, I don't know what is.

      If you happen to be a investor on the stock market, you can buy ProShares UltraShort Gold (ETF) on ticker GLL [google.com] which is a leveraged short fund on gold. I've been thinking on putting something in it but Gold has been dropping due to the unexpected dollar strength so its a bit high right now.

  • Poor kids (Score:5, Funny)

    by Opportunist (166417) on Wednesday June 17, 2009 @02:46PM (#28364505)

    From TFA: "Because of the crisis there is a lot of awareness of gold," he said. "It is also a great gift for children for them getting gold is like a fairytale."

    Imagine... you hand them a gold bar for those 250 bucks and they try to unwrap it for a few minutes before they realize, nope, it ain't chocolate.

    Truely the gift of a wealthy sadist.

    • by HTH NE1 (675604)

      Imagine... you hand them a gold bar for those 250 bucks and they try to unwrap it for a few minutes before they realize, nope, it ain't chocolate.

      [inspecting the repossessed Key to the City]
      "These look like teeth marks."
      "I thought there was chocolate inside. ... Well, why was it wrapped in foil?"
      "It was never wrapped in foil!"

  • This is extremely different. But someone must see a business opportunity in this niche market. Personally, I'm not the kind of guy who has the sudden urge to buy gold at the train station or airport especially at 30% over the going rate maybe some people are I guess. I'm also not the kind of guy who spends in the thousands for a burger or ice creams with gold foil shavings on it, but there are restaurants out there who do this and they are in business because some people just love gold. I wish them luck, bu
  • by Anonymous Coward
    For all black market dealings anyway. Once they phase out cash in favour of a more monitored and traceable cashless alternative the value of this stuff is going through the roof.

    Gold holds its value like nothing else and if you're brought up to court by the RIAA it's going to be a lot harder to take your gold than it is for them to change the sign on your bank balance.
    • Re: (Score:3, Interesting)

      by whiledo (1515553) *

      Cash is going away because it's terribly inconvenient compared to electronic methods. So now you're this theoretical criminal who deals in gold. How you going to use that gold for anything other than paying another criminal, since nobody else is going to want to take your inconvenient gold, except maybe if they charge you a ridiculous surcharge. Sure, they'll be some places that pop up and advertise heavily that you can pay with gold, no problem, no extra charge. But guess where the first place is that

    • Re: (Score:3, Interesting)

      by snookums (48954)

      If gold became a serious black-market currency, it would be tagged with trace impurities. I wouldn't be surprised if much of it already is. It's already possible to tell which mine gold came from. (see gold fingerprinting [wikipedia.org])

      World governments already have buy-in from printer manufacturers to tag all printouts for the purpose of tracing paper-money fraud. It would be even easier to coerce gold refiners to do the same, given that governments are such large consumers of gold.

  • The machines charge about 30% more than the current trading price for gold

    Yeah, that seem about right, considering the level of logic in most of the "we must return to the gold standard" posts I've seen. They may actually manage to make this a viable enterprise.

    I now present several guest posters who will now provide examples of just the posts I mean.

    • by Bigby (659157)

      We must go to a monetary policy that is disassociated from politics. This makes a gold standard better than our current policy. The problem with the gold standard is that it is linked to a single irrelevant commodity which will cause confusing and disrupting fluctuations in prices/salaries that we don't need to put up with.

      The monetary policy needs to be driven by math (a computer) that tries to fix against a good CPI chart. When the economy is expanding, the money will inflate; when the economy is contr

  • by VinylRecords (1292374) on Wednesday June 17, 2009 @02:47PM (#28364535)

    Am I missing something? Is there really such a demand for gold on the street that the convenience of being able to purchase it from a vending machine warrants a 30% markup? What possibly could justify an individual purchasing gold at a 30% markup in small quantities?

    I'm not an economist (not that they have really have a good track record lately) but this seems like a ridiculous scam.

    "Because of the crisis there is a lot of awareness of gold," he said. "It is also a great gift for children - for them getting gold is like a fairytale."

    Somehow I think little Jimmy or Susy would have prefer a Playstation or a bike or something.

    • gold doesn't rot so i'm sure you could find a few people who thought this would be a deal worth having at some point.. it would be different if it were some perishable item that is time critical, with something like this it's just a matter of waiting for the right peopel to come along.

    • Re: (Score:3, Interesting)

      by jonbryce (703250)

      We are at the beginning/middle/end of a gold bubble, just like we had a .com stock bubble in 1999/2000 and a real estate bubble from 2001-2007.

      • indeed, taking a look at the price of gold lately and it is quite clear that it is way over-valued compared to its history...

      • Re: (Score:3, Insightful)

        by SomeJoel (1061138)

        We are at the beginning/middle/end of a gold bubble, just like we had a .com stock bubble in 1999/2000 and a real estate bubble from 2001-2007.

        Well, which is it?

    • by Xugumad (39311)

      From my understanding of these things, 30% isn't out of the ordinary for "limited edition" gold coins (y'know, the ones they make 5,000 of because they don't think there's 6,000 people stupid enough to buy them), or other sources of non-investment gold.

      That means your average fool on the street will probably see it as about what they'd expect to pay...

    • Re: (Score:3, Insightful)

      by schmiddy (599730)

      Am I missing something? Is there really such a demand for bottled water on the street that the convenience of being able to purchase it from a vending machine warrants a 10000000% markup?

      In all seriousness, this will be a boon for privacy nuts, the very rich, money launderers, and anyone else too lazy to buy direct for cheaper. Keep in mind that tax evasion is something of a national pastime in Germany.

    • by Sycraft-fu (314770) on Wednesday June 17, 2009 @03:44PM (#28365283)

      This isn't a rational thing. It is to get the people who are doing the "OMG the economy is going to collapse!" thing and don't know what to do. They see this and go "Ahh I can buy gold, gold is always safe!" It isn't targeted at rational investors, or even rational survivalists for that matter. It is targeted at alarmist doomsdayers.

    • by FourthAge (1377519) on Wednesday June 17, 2009 @07:02PM (#28367543) Journal

      One gram of this gold is actually worth less than the market price for one gram. When you take your gold bars out of a professional gold vault, they cease to be "Good Delivery" [bullionvault.com], which means they lose value to other traders since their purity is not guaranteed to the same standard.

      Real gold traders always keep their gold in a vault, or move it between vaults. This is extremely expensive - but gold bars are expensive - $400k each! So it's not just a 30% markup - it's even worse than that. Confidence trick.

  • Is this the next level of the Cash For Gold commercials that seem to be everywhere? Buy gold off of people at a ridiculously low price,s melt it down, resell it at a stupidly high price, and the keep repeating the cycle.

    • Re: (Score:2, Funny)

      by Xsydon (1099321)
      Anyone taking bets on when we see GoldStar machines? Melts your gold down on the spot and gives you cash. ;)
    • Re: (Score:2, Troll)

      by im_thatoneguy (819432)

      Is this the next level of the Cash For Gold commercials that seem to be everywhere? Buy gold off of people at a ridiculously low price,s melt it down, resell it at a stupidly high price, and the keep repeating the cycle.

      I think we finally uncovered Ron Paul's endgame.

    • Heh, just on BBC Breakfast this morning there was a feature about the new craze of 'Gold Parties'. Along the same lines of Tupperware and Vibrator parties, bored housewives are now having get-togethers to sell their spare gold jewellery. A company valuer weighs the gold and gives the party attendee 70% of the current price, with the party host receiving a nifty ten percent of total money taken. So if the same companies that are setting up gold parties are then selling off the gold in bars from vending ma

    • by malkavian (9512)

      Well, that sure beats the UK Prime Minister's approach, which is to tell the world several months in advance that he's going to sell of a fair portion of the UK gold reserves.. Then when he's successfully crashed the market price, sells at a ridiculously low price.. Now everybody wants it, so adding to the UK reserves will cost a hefty sum!

  • by jchawk (127686) on Wednesday June 17, 2009 @02:49PM (#28364571) Homepage Journal

    This is certainly an interesting concept but I have a handful of concerns -

    1. Why as an investor would I pay a 30% premium to purchase physical gold?
    2. Assuming I would I then have to worry about keeping the gold physically secure once I take possession of it.
    3. I run into issues when trying to sell the gold after I've taken possession because how can anyone be sure that I haven't tampered with the gold? How do they know that 1oz is still 1oz? What if I drilled and filled it?

    There are many other ways to purchase gold as an investment that eliminate the above issues. Gold ETF's are one. They are easy to trade and move in and out of. There are services that will let me purchase gold and store it at their locations, and will certify the amounts as to avoid purity issues as well as security issues.

    If you truly believe that the world economies are going to collapse why bother to buy gold at all? You should be buying guns. Believe me, you'll need them to protect more important things like your family and your home.

    Interesting idea but only suckers will buy from them. :-)

    • Re: (Score:3, Interesting)

      by jonbryce (703250)

      The purity issues are easy to deal with. They are standardised coins such as Kruggerands (South Africa), Maples (Canada), Eagles (US), Sovreigns (UK) etc. People can weigh the coins and get the volume very easily. If the density is correct, it is made of gold.

      A lot of gold ETFs, particularly the ones that don't charge you for storage, don't actually hold any physical gold to back up your investment. Instead they match your investment with people who are short selling gold. It is very similar to the way

    • by langelgjm (860756)

      3. I run into issues when trying to sell the gold after I've taken possession because how can anyone be sure that I haven't tampered with the gold? How do they know that 1oz is still 1oz? What if I drilled and filled it?

      What are you planning on filling it with? And isn't detecting this sort of thing simply a matter of knowing the purity (and thus density) of what the gold is supposed to be, then measuring the actual density? It's not like you're the first to think up the idea of tampering with gold (remember the story of Archimedes?)

    • Re: (Score:3, Insightful)

      by mr_mischief (456295)

      I think you'll find a candy bar or a soda in a vending machine is typically 30% to 60% higher than supermarket prices. People pay for convenience.

      • by Minwee (522556)
        But how often do you feel like eating a bar of gold while walking to the train station?
    • by HiThere (15173) <charleshixsn AT earthlink DOT net> on Wednesday June 17, 2009 @03:46PM (#28365329)

      Whiskey is another good investment if you have such expectations. Good whiskey is difficult to make, in high demand, keeps well, and takes a very long time to make if you have only primitive equipment. (Consider the problem of seals in the still, and making pipes that don't leak lead.)

      You'd probably want to make sure that it was securely packaged, and that the caps of the bottles were upright and not exposed to moisture. Doing such in the current environment is easy. After a collapse, much more difficult. And you can buy an extra liter of whiskey a week without anyone raising an eyebrow. (Try doing that with guns and ammo. And ammo doesn't store as well.)

      Another good investment would be a medical degree. That one's more time consuming, but after a collapse doctors, those who know more than what drugs to prescribe anyway, will be extremely valuable. Nurses too.

      Or you could apprentice yourself to a blacksmith. That would be a really valuable skill. But you'd better learn how to handle and recognize scrap metal.

      Horse handling probably won't be worth bothering with in most areas for a few generations. Most of the horses will be eaten. Archery would be worthwhile, but learn to fletch your arrows at the same time. I doubt that you could learn to handle a longbow well, but it would be a good idea to learn how to teach the use of it. (Supposedly one needs to grow up with a longbow to learn it's proper use.) Having a few compound bows would be a good substitute, but you won't be able to replace them. So also get a few regular bows, and learn how to make them from wood. And which wood. (Yew is likely not to be available, so learn what's available in your area.)

      Guns are a strictly short term answer. (So is whiskey.) Both only buy you time to establish yourself in a community...and you'll NEED a community. Self defense by an individual is a recipe for dying out within one generation.
       

      • Re: (Score:3, Insightful)

        by Facegarden (967477)

        Whiskey is another good investment if you have such expectations. Good whiskey is difficult to make, in high demand, keeps well, and takes a very long time to make if you have only primitive equipment. (Consider the problem of seals in the still, and making pipes that don't leak lead.)

        You'd probably want to make sure that it was securely packaged, and that the caps of the bottles were upright and not exposed to moisture. Doing such in the current environment is easy. After a collapse, much more difficult. And you can buy an extra liter of whiskey a week without anyone raising an eyebrow. (Try doing that with guns and ammo. And ammo doesn't store as well.)

        Another good investment would be a medical degree. That one's more time consuming, but after a collapse doctors, those who know more than what drugs to prescribe anyway, will be extremely valuable. Nurses too.

        Or you could apprentice yourself to a blacksmith. That would be a really valuable skill. But you'd better learn how to handle and recognize scrap metal.

        Horse handling probably won't be worth bothering with in most areas for a few generations. Most of the horses will be eaten. Archery would be worthwhile, but learn to fletch your arrows at the same time. I doubt that you could learn to handle a longbow well, but it would be a good idea to learn how to teach the use of it. (Supposedly one needs to grow up with a longbow to learn it's proper use.) Having a few compound bows would be a good substitute, but you won't be able to replace them. So also get a few regular bows, and learn how to make them from wood. And which wood. (Yew is likely not to be available, so learn what's available in your area.)

        Guns are a strictly short term answer. (So is whiskey.) Both only buy you time to establish yourself in a community...and you'll NEED a community. Self defense by an individual is a recipe for dying out within one generation.

        I would think carpentry and farming are two of the most universally needed fields. People need to eat and have shelter, so those are really useful.

        But all this talk of collapse is bullshit anyway.
        -Taylor

        • Re: (Score:3, Insightful)

          by HiThere (15173)

          Basic carpentry is pretty easy. And that's all that one needs when there's no new lumber.

          Farming is good...but what's your water source? The area that I live in is a natural desert, which is watered with water from the mountains. The pre-tech people who lived around here subsisted largely on hunting and acorns (ugh!). You need to check out the area you live in to see whether or not it will support farms. (There are very good reasons why the Nile and Euphrates valleys were places where cities got their

      • Re: (Score:3, Informative)

        by bar-agent (698856)

        Good whiskey is difficult to make, in high demand, keeps well, and takes a very long time to make if you have only primitive equipment. (Consider the problem of seals in the still, and making pipes that don't leak lead.)

        I don't know about the lead, but leave some fish out and that should lure away the seals.

    • Re: (Score:3, Funny)

      by meringuoid (568297)
      3. I run into issues when trying to sell the gold after I've taken possession because how can anyone be sure that I haven't tampered with the gold? How do they know that 1oz is still 1oz? What if I drilled and filled it?

      Shit, you're right. Someone could have tampered with the gold - alloyed it with some cheap metal perhaps, taken the rest of the gold for themselves. How can we tell whether the gold is in fact truly gold?

      I'm going to have to go and think about this. It's time for my bath anyway...

    • Re: (Score:3, Insightful)

      by CodeBuster (516420)

      Why as an investor would I pay a 30% premium to purchase physical gold?

      Agreed. Investor premium for gold should be 7-13% above spot depending upon the product. Anything more than that is a gold dealer taking advantage of an inexperienced buyer.

      Assuming I would I then have to worry about keeping the gold physically secure once I take possession of it.

      Among the convenient properties of gold is that a large amount of exchange value can be stored in a commodity which is quite compact. At the current price of ~$970.4 per troy ounce a 1 kilogram bar with a spot price value of $31,198.36 only takes up 4 1/2' X 2" X 3/8" or 117mm X 53mm X 8.7mm. There are not many other valuable exchange co

  • WoW? (Score:5, Funny)

    by Guppy (12314) on Wednesday June 17, 2009 @02:50PM (#28364575)

    Did anyone else read just the headline, and figure that some enterprising RMT had come up with a vending machine selling World of Warcraft currency?

    Man, I need to interface with the real world more often.

    • by Endo13 (1000782)

      Yeah, at first I was like "cool, I might actually get to see some other people that play too!" and then I was like "oh wait, it's in Germany, nevermind". But now you're telling me it's like the crap they use to make necklaces and rings and shit? Fuck that, who needs that?

  • by sstair (538045) on Wednesday June 17, 2009 @03:00PM (#28364721)
    I could see someone realizing that they have too much cash to get through customs buying gold.
  • Been done before (Score:5, Interesting)

    by ellbee (93668) on Wednesday June 17, 2009 @03:11PM (#28364839)

    When I lived in Switzerland '86-'88 you could get small gold ingots from a UBS ATM on the Bahnhofstrasse in downtown Zurich. Just the sort of thing a conservative Swiss banker would do on the way home from work.

  • by AstrumPreliator (708436) on Wednesday June 17, 2009 @03:11PM (#28364845)
    Wouldn't it suck if the little corkscrew thing started to push the gold out and right when it's going to fall it stops and the gold just sits there. Man, that'd be so much worse than not getting a candy bar!
    • by langelgjm (860756) on Wednesday June 17, 2009 @09:14PM (#28368453) Journal
      I also can't decide if it'd be worse to have the machine eat your $100,000, or return it to you in quarters.
    • Re: (Score:3, Funny)

      by CodeBuster (516420)
      That's no problem, just rock and tilt the machine until your bar drops down into the dispensing area; those stickers on the side that tell you not to do that were put there by greedy vending machine owners who want to cheat you out your candy er...gold bar. DISCLAIMER: This is sarcasm in case any of the eraser heads out there are actually inspired to go out and try it.
  • Where I'm at, Coca-cola sells for more than a 100% markup between a store and a vending machine.
    30% sounds pretty low. Why not just sell cokes?

  • Maybe they're planning to get them all stolen at some point, claim for the gold on insurance, and then sell it anyway.

    It's the only way I can see them making any money on this.

  • Ceiling at $980 (Score:3, Insightful)

    by Nom du Keyboard (633989) on Wednesday June 17, 2009 @09:28PM (#28368545)
    One current problem with gold is the lid at $980/oz. Every time the market touches that trigger someone big is coming in and sell sell selling until they drive it back to near $880. Don't know who, but they must have a pretty good pile of the stuff at the moment to have kept this up this long.
  • by SharpFang (651121) on Thursday June 18, 2009 @05:04AM (#28371171) Homepage Journal

    Not sure about Germany or other parts of the world, but in Poland, many (most?) standard money exchange points buy and sell "gold junk", with about +/- 15% markup on the market price (the difference between their buy/sell price is around 30%, market price somewhere in the middle).

    The interesting part is that this "gold junk" is usually in form of perfectly good jewelry - various gold chains, rings etc - and with a much higher actual jewelry value. So you can ask them to show what golden items they got, find something that is pretty, undamaged and you like it, and ask to have it weighted for you - you buy a quality jewelry item for price of junk. If you're lucky and knowledgeable, you may find a very valuable antique even, worth many times its weight in gold.

  • by RichiH (749257) on Thursday June 18, 2009 @06:39AM (#28371669) Homepage

    Disclaimer: I work at the ISP which is handling this from the IT pov.

    TFA is wrong. While the gold is obviously more expensive than what TG buys it at, it is still cheaper than what you, as an end-user, pay for actual physical gold.
    Bypassing large resellers and banks, both the online shop at http://gold-super-markt.de/ [gold-super-markt.de] and the vending machines are cheaper than your local bank or jeweler. I am not saying that everyone should rush to buy gold, but if you plan to do so anyway, there is now a discount outlet.

Byte your tongue.

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