-- Posted Thursday, 13 May 2010 | Digg This Article | | Source: GoldSeek.com

The Emirates Palace Hotel in Abu Dhabi yesterday unveiled the first Gold To Go dispensing machine in the world as the retail demand for gold continues to grow as faith in paper currencies declines.

The machine dispenses one, five and 10 gram bars of pure gold as well as a one-ounce bar and gold coins from Canada, South Africa and Australia. The bars will shortly be engraved with the crest of the Emirates Palace Hotel, one of the most prestigious buildings in Abu Dhabi.

Machine operator Ex Oriente Lux told The National newspaper that the aim was to bring gold to the public as well as being a souvenir for visitors and an investment proposition.

This is the same gold ATM that appeared at Frankfurt airport last year and now has a permanent home in the Abu Dhabi hotel. The changing price of gold will be reflected in the price of gold at the ATM which updates its rates every 10 minutes.

Just like an ATM an armored truck arrives to refill the machine but with gold and not cash, although gold is of course the only true money. The mark-up on the gold price is said to be two per cent, rather better than the local gold souk.

-- Posted Thursday, 13 May 2010 | Digg This Article

About Peter Cooper:
Oxford University educated financial journalist Peter Cooper found himself made redundant by Emap plc in London in the mid-1990s and decided to rebuild his career in Dubai as launch editor of the pioneering magazine Gulf Business. He returned briefly to London in 1999 to complete his first book, a history of the Bovis construction group.

Then in 2000 he went back to Dubai to become an Internet entrepreneur, just as the dot-com market crashed. But he stumbled across the opportunity to become a partner in www.ameinfo.com, which later became the Middle East's leading English language business news website.

Over the course of the next seven years he had a ringside seat as editor-in-chief writing about the remarkable transformation of Dubai into a global business and financial hub city. At the same time www.ameinfo.com prospered and was sold in 2006 to Emap plc for $27 million, completing the career circle back to where it began a decade earlier.

He remains a lively commentator and columnist as a freelance journalist based in Dubai and travels extensively each summer with his wife Svetlana. His financial blog www.arabianmoney.net is attracting increasing attention with its focus on investment in gold and silver as a means of prospering during a time of great consumer price inflation and asset price deflation.

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