Abu Dhabi's top hotel on Wednesday unveiled the UAE's first ATM-type machine that gives those staying there the chance to withdraw 24-karat gold bars and coins. The ATM-style kiosk cash-for-gold dispending machine is the brainchild of CEO of Ex Oriente Lux Thomas Giessler and the first international foray for the German entrepreneur's Gold to Go” brand, which was first tested in his native country in 2009. Geissler, in remarks at the inauguration ceremony, said he chose Emirates Palace Hotel because it had become a brand that is recognized worldwide. The cash-for-gold machine monitors the daily price of gold, dispenses small gold bars and coins that weigh up to 10 grams with customized designs for cash along with a refund guarantee. The bars of different weights are engraved with symbols of gold producing nations such as Canada and Australia. One gram gold bar will cost about AED175 ($47.7), and AED4,645 ($1265) for an ounce. The fluctuating price of gold will be reflected in the pricing of the gold. Geissler claims the vending machine is the first of its kind in the world and eyes investors and tourists as target customers. The machine is armed with various security measures, including anti-money laundering software. If the machine fails or there is a glitch, it will automatically shut down. “The machine guards itself. You need to have military explosives to blow it up,” Geissler was quoted as saying. The machine, called Gold To Go, is covered in 24-carat gold and dispenses one, five and 10 grams of gold besides one-ounce gold bar. “In addition to one-gram, five-gram and 10-gram bars of gold, the machine also dispenses gold coins,” it added. Gold rates are constantly updated inside the shiny machine – itself gold-plated – in the hotel's lobby, courtesy of a built-in computer connected to a dealer which sells gold online. “This eliminates the risk premiums usually associated with precious metal trading,” the German company said. Hotel general manager Hans Olbertz said they wanted the hotel to be the first in the world to offer guests what he called “this golden service.” The Emirates Palace is often used by visiting foreign dignitaries, and its top floor is reserved for the rulers of the UAE federation's seven emirates.
