Golden Nugget has gold vending machine

From what I just heard, you can buy a gold bar worth up to 250,000 out of a vending machine.

Gold prices are updated every 10 minutes.

Sorry no link -- just local news.


(edit -- I wonder if they said $25,000?)

I've heard of those - I wonder how much of a profit they take. It's got to be significant or they refill it everyday since the value changes. Of course recently they've probably been making a killing since gold is skyrocketing.

It makes no sense to buy gold in Nevada, due to the sales tax. My next trip to a sales-tax-free state I might buy a few ounces.

Oh, I meant, the machine itself automatically updates gold prices every 10 minutes.

Here is a link to the story on a LV news stations website. The gold bars are available up to 250 grams (not $250k). Gold coins are also for sale.

Quote: Ayecarumba

Here is a link to the story on a LV news stations website. The gold bars are available up to 250 grams (not $250k). Gold coins are also for sale.

A 9oz bar? How big is that, about the size of a big domino?

Quote: ahiromu

I've heard of those - I wonder how much of a profit they take. It's got to be significant or they refill it everyday since the value changes. Of course recently they've probably been making a killing since gold is skyrocketing.

News reports on installations in Florida indicate 5% markup + some costs associated with packaging.

Quote: Wizard

It makes no sense to buy gold in Nevada, due to the sales tax. My next trip to a sales-tax-free state I might buy a few ounces.

Don't buy the gold bars, buy gold coins. Consider the Canadian Maple Leaf at .999 fine even better than our American Eagle at .997. More important though is the Maple Leaf has a lower intrinsic markup, also lower than Kugerands I think.

Why coins? Because if you buy raw gold you might need to have it assayed at resale.

Other way to buy is find a broker, buy futures, and simply take delivery at settlement instead of selling the future. Problem is you might need to buy quite a bit.

Quote: EvenBob

Quote: Ayecarumba

Here is a link to the story on a LV news stations website. The gold bars are available up to 250 grams (not $250k). Gold coins are also for sale.

A 9oz bar? How big is that, about the size of a big domino?

One ounce of gold is about the size of a marble, so yeah. One big domino, maybe two regular dominoes stacked up. I like the idea of someone feeding one hundred and twenty $100 bills into a vending machine...

I also do not understand the commodity trading mentality that the market seems to have. I buy (and very occasionally sell) electricity and natural gas for a living, and this same thing happens in those markets. Gold is trading at near record highs. It's in the news a lot, and there's a buzz about it. I get that it's talked about alot. But if it's talked about because it's never cost more - why would this be a good time to buy gold?

Quote: AZDuffman

Other way to buy is find a broker, buy futures, and simply take delivery at settlement instead of selling the future. Problem is you might need to buy quite a bit.

100 ounces is the quantity in one futures contract on the COMEX. Micro contracts are also available in 10 ounce increments. Usually, the micros carry a small premium versus the full contracts. The bid-ask spread on the micros is also slightly larger than on the full contracts.

Quote: rdw4potus

But if it's talked about because it's never cost more - why would this be a good time to buy gold?

I remember people saying this very thing when gold was $400 an ounce. They'll be saying it when its $2400.

Quote: rdw4potus

I also do not understand the commodity trading mentality that the market seems to have. I buy (and very occasionally sell) electricity and natural gas for a living, and this same thing happens in those markets. Gold is trading at near record highs. It's in the news a lot, and there's a buzz about it. I get that it's talked about alot. But if it's talked about because it's never cost more - why would this be a good time to buy gold?

I asked myself the same question when it was $800/oz and passed. Doh!

Link to company that makes vending machines.



This company plans to install hundreds of such machines around the world (although most will not be in the USA). I suppose if you sense the apocalypse you could convert your VISA credit line entirely into 1 gram bars and presumably have a medium of trade.

I suspect that the machines will primarily be used as a way for people to buy cute little gifts like this 1 ounce Koala bear silver coin for about $40.

The other day Jim Kramer was recommending that some percentage of one's portfolio should be in directly in gold or gold companies. I don't recall the percentage, but I think 10%. As I recall he also said something to the effect that gold could reach $2,000 an ounce soon. Not that I'm a huge Kramer follower, but I still stop and listen when I'm flipping through the channels and see his face.

This time last year I was trying to sell the four 1 oz. coins I do have, but the potential buyer and I couldn't agree on a price. I thought they sold for a little over the spot price of gold, and he disagreed, so we never made a sale. Good thing for me, as the price kept climbing.

My opinion is there is always some fad investment, and now it is gold. Although I hate buying high, I also hate to miss out on the ride.