First UK gold vending machine opens in London
Britain’s first ever gold vending machine opened this weekend in Westfield Shopping Centre in West London.
It only took a minute or so for the new machine to rack up its first sale. Businessman Michael McCleary was the first customer buying a one gram bar for £47.
The machines are manufactured by German company Ex Oriente Lux and the new initiative is designed to take advantage of the reputation gold has as a safe investment. The first ever gold vending machine was opened in Abu Dhabi’s Emirates Palace hotel in 2010.
The value of gold has increased enormously over the last decade and hit record levels earlier this year. In 2001, a gram was valued at £6. This has now risen to £33 per gram. Would-be investors can purchase by the gram as a bar or a coin or a 250 gram bar can be bought for around £10,250.
The prices are updated every ten minutes through a computer within the machine to take into account global price fluctuations. Potential thieves would have to get through the reinforced steel casing and a powerful state-of-the-art alarm system.
The owners expect the gold for sale to be popular as presents. A 2.5 gram bar with London’s skyline engraved on it is expected to be a big seller. Any individual who spends more than £2,500 will be required to have their passport scanned as part of anti-money laundering rules.
Myfinances.co.uk has teamed up with leading London Gold trader, Hatton Garden Metals, to allow you to buy and sell gold through a reputable firm.
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- alternative investments ,
- gold ,
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