Gold dispensing atm's?

Discussion in 'Off Topic' started by estnet, Mar 31, 2012.  |  Print Topic

  1. estnet
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    estnet Gold Member

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    Has anyone used them? I read about one in Boca Raton and Dubai. One article said there was a 5% premium, the others didn't mention the mark-up. Is it a cash advance if u use a credit card?
     
  2. FlyingBear
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    I have to ask... why?
     
  3. estnet
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    estnet Gold Member

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    Well miles of course:) If it's not a cash advance and depending on the mark up (if it's really 5% probably won't work) - well, it could almost be the new mint!
     
  4. FlyingBear
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    You won't be anywhere near paying spot, so you'll be nowhere close to making your money back in any way.
     
  5. estnet
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    estnet Gold Member

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    well according to an article I read
    "Each machine, manufactured in Germany, carries about 320 pieces of different-sized bars and coins. Prices are refigured automatically every 10 minutes to reflect market fluctuations. On Friday, a two-gram piece cost about $122, including packaging, certification and a 5 percent markup. An ounce cost about $1,442." - which for the date of the article and what I can research seems to be about the spot plus 5%
    Anyone with more current knowledge?
     
  6. dayone
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  7. FlyingBear
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    What kind of math is that? Even if not using a Troy ounce, the price of that two gram piece was equivalent to $1729.

    That was more than a year ago. I am sure they've adjusted.
     
  8. estnet
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    estnet Gold Member

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    I was looking at the ounce price. It is always a gamble given that the price of gold flucuates but if one wants to buy gold anyway why not get miles (if possible).
     
  9. jasher926

    jasher926 Silver Member

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    Just think of this as one way to buy stock with a credit card. Of course you could lose money, but if you're going to speculate on the market anyway, why not fund it with a card and earn miles. If I could fund my brokerage account with a credit card I'd totally do it.
     
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  10. jwsky
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    I think in most states within the US, you would have to pay sales tax on an actual gold purchase. If so, 5% would be cheaper than where I live.
     
  11. jmjgp12

    jmjgp12 Silver Member

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    I have seen them in both Madrid and Moscow and they did not mention the service fee but the price of the gold was a bit higher than market price at the moment from what I could see. They are quite the unique vending machine!
     
  12. traveler
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    These ATMs can be found under a rainbow!
     
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  13. dayone
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    dayone Silver Member

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    My reference was to the 2% "commission," not the price.
     
  14. misman
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    misman Gold Member

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    Something like this?[​IMG]
     
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  15. joesmoe
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    I read about one in LA last year, not sure if its still around, but iirc the rate was awful.

    Buy a gold tied indicie not physical bullion
     
  16. Photonerd71

    Photonerd71 Silver Member

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    If you are in Dubai just go to.a gold souke (sp?). Went to them while i was in the navy in the early 90's. Wish i had bought some gold bars now, i think of was only a couple hundred per oz back then. Errrrrr
     
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  17. estnet
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    estnet Gold Member

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    :):):)
     
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  18. deant
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    deant Milepoint Guide

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  19. kansaskeith

    kansaskeith Gold Member

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    I just happened to walk by the Las Vegas gold ATM. FYI, the screen says gold can be purchased with cash only. I guess that kinda scotches your miles/card idea.

    Sent from my iPhone using milepoint
     
  20. estnet
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    estnet Gold Member

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    Yep.....thanks
     
  21. Redhead

    Redhead Silver Member

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    I prefer this kind of ATM:
     

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