Germans can pay 30% more than market rate to buy gold like chocolates
Germans can pay 30% more than market rate to buy gold like chocolatesShoppers in Germany will soon be able to buy gold as easily as bars of chocolate after a firm announced plans to install vending machines selling the precious metal across the country.
TG-Gold-Super-Markt aims to introduce the machines at 500 locations, including train stations and airports.
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Gold Fest: The world's first gold vending machine at Frankfurt Airport |
The company hopes to tap into the increasing interest in buying gold following disillusionment in other investments due to the economic downturn.
30 per cent more
Gold prices from the machines about 30 per cent higher than market prices for the cheapest product will be updated every few minutes.
Customers using a prototype "Gold to go" machine at Frankfurt Airport on Thursday had the choice of purchasing a 1g wafer of gold for u00a430 (Rs 2,000), a 10g bar for u00a4245 (Rs 16,452), or gold coins.
A camera on the machine monitors transactions for money laundering controls.
Thomas Geissler, who owns the company behind the idea, said, "Gold is a good thing to have in your pocket in uncertain times."
