In today’s market, gold bullion can be bought from dealers, jewelers, auctions, private investors, and now from gold vending machines.
German gold bullion dealer TG-Gold-Super-Market says it plans to install as many as 500 gold vending machines throughout Germany, Austria, and Switzerland this year.
The Stuttgart-based company aims to introduce the gold vending machines in train stations, airports, shopping malls, and anywhere else retail interest for gold bullion is likely.
The new gold vending machines will sell small 1, 5, and 10-gram gold bars as well as South African Gold Kuggarand Coins. TG-Gold-Super-Market says each vending machine will hold up to 1,500 pieces of gold bullion.
Prices for bullion from the vending machines will be about 30% higher than market prices and will be updated every 10 minutes to keep pace with gold spot prices.
Interest in gold has risen during the financial crisis, particularly in Germany.
Thomas Geissler, owner of TG-Gold-Super-Market, said, "German investors have always preferred to hold a lot of personal wealth in gold, for historical reasons. They have twice lost everything. Gold is a good thing to have in your pocket in uncertain times."
Retail demand for gold worldwide reached an estimated 108 tonnes in 2008, up 200% from 36 tonnes in 2007 and up 286% from 28 tonnes in 2006.