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Goldomat


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The first physical cash machine for gold bars is now in the Czech Republic

And today, Peter Spina of GoldSeek.com reports that the Czech Republic's first physical gold bullion ATM has opened in central Prague, with more plans to be added in the near future.

...

The machine offers three options, but only two were in stock. A 1 gram gold bar, a 10 gram Argor Heraeus gold bar, and a 1 troy ounce bar.

The machine only accepts cash, euros or Czech crowns and you do not need to register your purchase with ID or registration of a phone number. However, there is a limit to purchasing anonymously. 250,000 CZK or 10,000 euros. Similar to the laws in the US ($ 10,000).

Bild

The prices were very competitive with the 10 gram gold bars in other large Prague gold shops (10 gram for 14,300 CZK or 563 euros).

The purchase was quick and easy. You select the desired gold bar, then feed the machine with banknotes and press "Buy".

https://translate.google.com/translate?sl=auto&tl=en&u=https://uncutnews.ch/der-erste-physische-geldautomat-fuer-goldbarren-steht-jetzt-in-der-tschechischen-republik/

Just imagine: "Honey, when you go shopping, please don't forget the salad and the 1g Heraeus", again!" :D

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1 hour ago, HawkHybrid said:

how is this different to a local gold bullion dealer?

 

HH

I don't know anything about this, not written in this article. I guess it might take away a hurdle for shy people and unexperienced gold buyers who are in the retail park already but don't dare going into the shop and ask questions.

More importantly, in the shop they would start recognising you, if you went there and spent close to 10.000 Euros each week, thus they would soon ask you to provide an ID whereas you you could probably spend half a million of Euros over one year, without showing any ID. 

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28 minutes ago, Minimalist said:

Personally, I find the whole Identification process when dealing with them annoying and inconvenient. You get treated like a criminal. Seriously hope to see these machines throughout the continent.

These gold vending machines are cool to see, would love to try it out one day. 

But to address your comment...yes. I agree with you.  However if you were to withdraw cash from your bank account, there will also be a paper trail of that as well.   I have had multiple inconvenient discussions with stupid bank tellers asking me why I want to withdraw so much cash!   Not that it's any of their concern with how I spend my OWN money!   Still gets my blood boiling just thinking of it.   And the Federal government will also be aware, as banks report any and all suspicious transactions to the tax department.   So unfortunately it's really impossible to avoid any kind of Orwellian oversight.   

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1 minute ago, SilverStorm said:

These gold vending machines are cool to see, would love to try it out one day. 

But to address your comment...yes. I agree with you.  However if you were to withdraw cash from your bank account, there will also be a paper trail of that as well.   I have had multiple inconvenient discussions with stupid bank tellers asking me why I want to withdraw so much cash!   Not that it's any of their concern with how I spend my OWN money!   Still gets my blood boiling just thinking of it.   And the Federal government will also be aware, as banks report any and all suspicious transactions to the tax department.   So unfortunately it's really impossible to avoid any kind of Orwellian oversight.   

@HawkHybrid, youre using two accounts?

I agree entirely of that reality, its Orwellian no doubt about it, however we, the Gold community, pride ourselves in secrecy, liberty and private property. This machine would be a step in the right direction despite the fascism we live under.

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The down side would be that any potential criminals would see you using the machine and would know what your carrying then mug you or follow you home knowing your probably going to have more at home. 

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46 minutes ago, Hunter87 said:

The down side would be that any potential criminals would see you using the machine and would know what your carrying then mug you or follow you home knowing your probably going to have more at home. 

They can also do this now, when you leave a gold dealer. So instead you could have it sent by mail but then the government knows you have it and they might try and come for it one day, too. You can only move the risk around but you can't avoid it. Generally speaking, we have a comprehensive-cover-mentality today, that we expect the government to take care of. The effect is small risks are cancelled out and instead they accumulate over a longer time and then they strike in a more severe way and hit you more unprepared because it's the first time, during your life time. When you go home, you just have to make sure, nobody follows you all the way from the goldomat to your home. It doesn't seem to be unachievable. In case they strike on the way - well, the USA have a solution for this, we don't. 

Edited by silenceissilver
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20 hours ago, silenceissilver said:

Just imagine: "Honey, when you go shopping, please don't forget the salad and the 1g Heraeus", again!" 

And "Heraeus" sounds like a salad dressing! 🥗 😅

Ouch, my teeth! 🤣

Edited by GoldenGriffin
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14 hours ago, SilverStorm said:

 I have had multiple inconvenient discussions with stupid bank tellers asking me why I want to withdraw so much cash!   Not that it's any of their concern with how I spend my OWN money!   Still gets my blood boiling just thinking of it

I totally sympathise with you on this, I've had the same experiences.

However, when your fiat is with the bank, this is effectively an unprotected loan to the bank and they need prior warning before a large withdrawal of cash, which can't be tracked as well as digital transactions.

So this is like taking a loan from a bank and then the bank asking you to give some of the money back to them (you'd ask questions, right?).

These terms are not easily and clearly available to people on purpose, otherwise if they were, most people would take their money out of the banks.

Edited by GoldenGriffin
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This gold vending machine and the use of Gold Back notes in America is very bullish for gold.

It's a wider advertisement to the public, of gold.

Remember, it's not just the price of gold going up that is a bullish signal for the metal, there are other different signals that are very bullish for the metal and indicates a bullish uplift in price in the long term.

Encouraging more people to the market is healthy for the market.  If gold went to £10k per oz and no-one was interested in the market, it would be less of a liquid asset and the price would weaken.

The interest needs to be stimulated first before climbing higher.

Edited by GoldenGriffin
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12 hours ago, TommyTwoShots said:

Would be so funny if it did the classic vending machine malfunction and left the bar half hanging off the vender lol

208B0151-2539-4612-A90E-D0B1EF8DD0FC.jpeg

Looking at the chocolate bar, if that happened, that would definitely and metaphorically be a "credit crunch"! 😅

Edited by GoldenGriffin
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20 hours ago, silenceissilver said:

The first physical cash machine for gold bars is now in the Czech Republic

And today, Peter Spina of GoldSeek.com reports that the Czech Republic's first physical gold bullion ATM has opened in central Prague, with more plans to be added in the near future.

 

And tomorrow's news "the mystery of the vanish gold bullion ATM"  pc58xjARi.jpg.0d790c70ec74ab19c6298f7bb601e4b7.jpg

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1 hour ago, dicker said:

Perhaps I am misreading this, but I saw Gold ATM’s in Dubai in 2011.   Some 10 years ago….not new.  

Now that you mentioned it, I believe you are correct.  I recall reading a long time ago that Dubai airport had the gold vending machines.

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On 12/06/2021 at 10:22, daca said:

And tomorrow's news "the mystery of the vanish gold bullion ATM" 

In the last couple of years in Netherlands, attaching bombs to ATM's has become more and more common. They blow the ATM out of the corner of a building or something, take whatever cash they can and run off. I can only imagine that if there will be machines there with pretty decent gold contents, they either need to heavily armour them or they'll meet the same fate as those poor ATM's.

It is a cool concept though. I would love to try it and see how it feels to pull out 10g of gold instead of 500-600 EUR lol.

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