The first vending machine selling gold in the UK has been launched this week in a shopping centre in London.
High retail demand from investors wanting to invest their money in gold has resulted in the gold vending machine being opened in the Westfield Shopping Centre.
Gold is dispensed to the investor immediately upon payment.
It is available as a 1g coin, 2.5g bar or 5g bar. The 2.5g bar comes complete with an engraving of the London skyline.
For the bigger investor, the machine also dispenses a 250g gold bar which is priced in the region of £10,000.
The vending machine is operated by German company, Ex Oriente Lux, which means Light from the East. The concept isn’t new, with Ex Oriente Lux already operating gold vending machines across Europe, in the US and the Emirates.
As innovative as the idea might seem, this is a very expensive way to purchase gold.
Whilst prices are updated every 10 minutes and based on the current gold spot price, customers using the vending machine are buying gold at marked-up prices as high as 25%.
Buying gold from a vending machine is a big step up from using one to purchase a can of cola or a chocolate bar.
Depending on the popularity of this first machine in London, we might see more of these pop up around the UK – assuming that is the gold price remains buoyant.
Photo credit: Flickr/covilha
