Vegas Gets Gold Dispensing Machine

A new ATM installed at the Golden Nugget in Las Vegas skips spitting out paper cash, and dispenses shiny 24-carat gold bars and coins.

The gold-dispending machine is the first of its kind in Las Vegas, although a similar machine was installed in a mall in Boca Raton last month and several have popped up internationally in Germany, Spain, Italy and the United Arab Emirates.

Manufactured in Germany, each machines holds approximately 320 pieces of various-sized bars and coins stamped with the Golden Nugget logo. Every 10 minutes, prices are recalculated to reflect market fluctuations.

Thomas Geissler, inventor of the machines, tells Associated Press the majority of customers will probably be walk-ups fascinated by the novelty. Geissler also believes the machine will be a convenient stop for investors who are looking to skip the hassle of buying gold at a pawn shop or over the Internet.

Buyers use a computer touch-screen to choose the weight and style they are looking for, and then use cash or credit cards to purchase the gold. The gold is dispensed in a black box with a tamper-proof seal.

The company who manufactures the machines, Gold To Go, assures the ATM is "largely burglar-proof and tamper-resistant."