Stories have been making the news lately about a new vending ATM machine dispenses gold bullion bars. The company that makes the machines, Gold to Go, says that it has installed its machines in Dubai, Germany, Spain and even here in the USA, like at the Golden Nugget Hotel and Casino shown below.
The video to the right shows the machines being used by customers. They walk up, deposit bills or slide in a credit card and pick the bullion they want to buy. The gold (99.99% pure gold, not gold alloy) bullion falls into a tray at the bottom, the buyer retrieves it, and walks away. The funny thing about the videos is that the process seems a lot like buying a bag of Fritos in a hotel vending area – what happens if you put in your money and nothing falls out? We assume that is not happening with the Gold to Go machines and that fail-safe measures are in place, since we haven’t heard any bad news about them.
Unusual Stories about Gold-Buying “Opportunities”
The story does make us think of some reports about people who have been offered a chance to buy gold under unusual circumstances.
- In a Subway sandwich shop. This actually happened to me on Montague Street in Brooklyn, New York at 7:30 AM on Easter. I walked in, bought some coffee and a man approached me at my table, opened his briefcase, and tried to sell me luxury-brand watches that he swore were genuine and made of gold. They were fakes. But it was amazing – how many gold watches was this guy selling that early in Brooklyn on Easter morning? When I declined to buy, the man told me I was making a big mistake. Somehow, I doubt that was true.
- From a man who knocked on a door. One of our clients tells us that a rumpled-looking man rang his doorbell in a suburban town, said he was in financial trouble, and offered to sell him gold on the spot. Selling hairbrushes or sets of knives door-to-door is one thing, selling gold bullion is a lot different. Chances are that the bullion was fake – probably made from a thin layer of gold plated over a worthless iron core. Our client didn’t find out, because he was smart enough not to buy.
- From a pop-up store. A store recently opened near where I live that had a flimsy temporary “We Buy and Sell Gold” sign stuck on front. A month later, the business was gone. It might have been legit and run by honest people, who knows? But the story underscores the fact that when you are buying or selling precious metals, you will feel a lot more secure if you deal with a well-established company like the Gold Refiners.com division of Specialty Metals, which enjoys a top rating from the Better Business Bureau and professional memberships and top ratings from customers. I mean, how would you feel if you bought $5,000 worth of gold bullion bars from a roadside store and went back a week later to buy more, and the store was gone? It would not be a reassuring experience.
Deal with a Solid and Reputable Company
If you have gold to refine or sell, give us a call at 800-426-2344. We have built a top reputation by offering solid and ethical advice to others over the course of many years – and we offer the same to you.
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