Lots of products are sold via Vending Machines but I wouldn’t have thought that Gold Bars would have been one of them. In surely another sign of the times and within the growing trend of mainstream awareness of the value of Precious Metals it looks like these Gold Bar Vending Machines are getting popular – particularly in Korea.
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The Koreans are smart people. They’ve been early on the Crypto technology and seem to be early adopters of a lot of things so it makes sense that these vending machines are getting traction there. A company called GS Retail has reported seeing about 30 million won worth of sales per month out of these vending machines, which are now in 30 stores nationwide.
The vending machines are stocked with gold bars ranging from less than 1 gram to 37.5 grams so they have an affordable price point and appear to be genuinely offering an alternative to cash. If the idea amongst the population catches on then why not swap a couple of grams of gold for goods and services rather than paper money? It’s all about adoption and whether gold could be accepted as payment….
We have a lot of stackers in SGS who love the small denomination Gold Bars (and Silver too). Would you be buying Gold from a vending machine down at your local corner store? Is this idea taking hold in other countries, outside Korea? Has anyone checked out one of these machines first hand?
I've seen BTC vending machines around the coffee shops, a liquor store, a convenience store and a Chinese grocery store. I'd love to see at least ONE gold vending machine but so far no luck. I expect a much higher premium for the added convenience. But what I am seeing a regular appearance of a gold buying company disguised as a "Collectables show". I can almost hear that sucking sound as more and more people around here are selling their gold and silver just to pay the bills.
That's a good point. The premium might be big deterrent for genuine stackers to be using these machines.
I've seen those "We buy gold" operations here in Australia. I swear their whole business model is based on people with old jewelry who are ignorant of how to price up the metal content.
Good luck getting them here in this backwards arse country. I went to the Perth Mint for some bullion and they wanted me to sell my soul to them first.... I don't look like a money launderer!
I hear you. They treat us like criminals in this country, I'd expect we'd be the last to see them.
Well, why not... if you can buy them at COSTCO, why not at a machine. It might be a bit fumbly to squeeze the 2.5 grand into the slot, though. :)
We have seen those machines here in Europe, too. But I doubt its a big hit. People who buy gold dont do it that way.
Ha that's cool! Maybe I'd use one for the fun if premium wasn't really bad
A gold vending machine is pretty cool but I would think the premium would be kinda high. I guess in the right marke it could do well but I would be skeptical about buying high ticket items like gold from a machine.
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Walking up to a vending machine, paying some crypto with a qr on my phone, getting a nice chunk of AU land in my hand, walking away without getting mugged. Nice.
I'd have to do my research first, but if it's legit, I'd totally buy gold bars from a vending machine. 😁
Figures, something this unique would come from Korea! They know what's up there!
No, I wouldn't buy gold from just any gold vending machine. And I haven't seen one where I live and work,..
That’s pretty dam cool.
Nice idea. Why not. 👍🏻💯