Fans of gold will definitely be amused to hear that, according to an article in The Press of Atlantic City, a new way to buy gold has become available: via an ATM. Customers can also purchase silver, in the format of their choice: bars, coins and more.
The action is happening at the Golden Nugget Atlantic City, the New Jersey location for the casino industry giant. The casino itself features a Gold Rush theme, but customers will not need to mine in order to get the precious metals they want. As long as they have the cash, they can buy directly from the machine which is part of a recent $150 million renovation which finished at the end of April 2012.
The machine, named 'Gold to Go', is only the 2nd in North America so far and offers a similar product line to that of the 1st machine, found at the Las Vegas Golden Nugget.
The Golden Nugget casinos are owned by famed Texas billionaire Tilman J. Fertitta who had this to say about the machines, "We sell so much gold that I’m shocked. It’s just weird."
Of course, investors who have a portfolio of their own will not be surprised that such a machine could attract attention. What might come as a surprise to many precious metals fans, however, is that even at a price of $1,853 each, 1-ounce gold bars are selling through the machine. Even though the machine has only been active for days, sales have been brisk, according to casino management, and although the machine currently only accepts cash there are plans to allow it to accept credit cards in the near future.
The gold and silver sold through the machine range in size from 5 grams to a full ounce and prices are determined by a computer. The ATM's computer verifies prices on the precious metals markets every 50 seconds so prices constantly vary. With the ability to purchase a 1 ounce Liberty Silver coin for under $40 or a 1-ounce gold Eagle coin for over $1,900 each, customers will need to seize the moment to get the best deals. Each item purchased comes packaged in a small, black case.
The Atlantic City Golden Nugget also features another attraction for fans of gold. This is the home of the Hand of Faith, the name for a 52-pound gold nugget that is reportedly valued at $5 million. Unfortunately, it is not available for purchase.