Today Sees the unveiling of the UK's first gold vending machine at London's Westfield shopping center. The machine, dubbed 'Gold to Go', is manufactured by Germany signs, Ex Oriente Lux, and sells coins and bars in Various sizes at prices regularly updated.
With spot gold hitting a record price of $ 1,576.52 a troy ounce as recently as May 2, the arrival of the first gold to British shores May ATMs not like as much of a surprise. However, the ITS has spooked some industry players appearance.
"Too many people are in love with gold right now," said a London trader, noting the old adage That When The Man on the street tells you to buy gold, it's time to sell. "Surely this is a sign That gold is getting to a saturation point."
Were others similarly cautious.
"Should we be surprised? No. Is it significant? Yes," analyst Robin Bhar said Credit Agricole. "This Could very well mark the top of the market."
Ex Oriente Lux Launched The First Gold to Go Around in vending machines years ago in Abu Dhabi, before expanding in Dubai, Italy, Germany and the U.S. While the machines can offer up to ten products, the Westfield ATM is starting with just four: a one and five gram bars, a 10-ounce coin and, more patriotic for the gold bugs, Especially in 2.5 gram bars engraved with an image of the London skyline.
To be sure, most expect the machine to be something of a success.
Demand for gold on the retail level has-Been One of the Most Robust Growth Areas in recent years. According to an April report by independent consultancy GFMS Metals, demand for gold bullion bars surged 66% to a record high of 880 tons in 2010, accounting for 53% of world gold investment.
"This does underpin what is Likely to Remain reasonably robust demand for gold at a retail level," said RBS analyst Daniel Major.
Even so, gold vending machine is not for Those with shallow pockets. According to a company spokesperson, the price of a one-gram gold bars to Go was recently going for around £ 41. In dollar terms for the troy ounce, this is the equivalent of Almost $ 2,000 / oz - around $ 500 above the current spot market price.
But The Machine Is not Aimed at the average high street shopper.
"A rich tourist Might not care so much about a price mark-ups," said Mr. Bhar. "If you're buying your fancy Louboutin shoes, then why not buy a gram of gold too?"
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