This should bring Christmas joy to Terje, but it is not here yet.
BOCA RATON, Fla. — Shoppers who are looking for something sparkly to put under the Christmas tree can skip the jewelry and go straight to the source: an ATM that dispenses shiny 24-carat gold bars and coins.
A German company planned to install the machine Friday at an upscale mall in Boca Raton, a South Florida paradise of palm trees, pink buildings and wealthy retirees.
Thomas Geissler, CEO of Ex Oriente Lux and inventor of the Gold To Go machines, says the majority of buyers will be walk-ups enamored by the novelty. But he says they’re also convenient for more serious investors looking to bypass the hassle of buying gold at pawn shops and over the Internet. …
Shoppers insert cash or credit cards and use a computer touch-screen to choose the weight and style they want. The machine spits out the gold in a classy black box with a tamper-proof seal.
Each machine, manufactured in Germany, carries about 320 pieces of different-sized bars and coins. Prices are refigured automatically every 10 minutes to reflect market fluctuations. At prices from one point earlier this week, a two-gram piece cost about $120, including packaging, certification and a 5 percent markup. An ounce cost about $1,470. …
The people behind introducing this to the US are talking of gold being an alternative or parallel currency within five years. This kind of talk has been doing the rounds for some time, and will no doubt continue to do so.
There are different dynamics at play in the current situation however, with the population generally becoming more alarmed as to the future of the US dollar, and the growing possibility of double dip recession and the whole country going to shit. Recent polling indicates that only 23% of Americans think the country is on the right track, Vs 71% for wrong track.
Certainly the $600 Billion QE2 combined with the massive Omnibus spending bill fueled by over 6,000 items of pork, gives little room for optimism in the near future. While Omnibus was the price of compromise over the extension of the Bush tax cuts, that price was too high especially as it allows the return of the class envy death tax.
It should be remembered that the current activities of Congress are the last and final fling for people voted out of office at the last election, not only in Congress but nationwide. There is one fairly bizarre example in Wisconsin where a state legislator was given leave from prison to vote for lame duck legislation.
This is causing outrage and there are efforts afoot to restrict the activities of legislatures during this session in the future. There will be a wholesale slaughter of Democrats and establishment Republicans in the elections of 2012 after this.