Thaindian News

September 28, 2010 (Pen Men at Work): Thomas Geissler, the chief executive of Ex Oriente Lux and the creator of the ‘Gold to Go’ brand is now eyeing the American market. The German company plans to install and manage gold vending machines in the state as it increasingly becomes more obvious that gold is the only commodity that retains its value during the times of economic hardships.

Geissler spoke to Reuters while attending the conference of the ‘London Bullion Market Association’ . He revealed that he intends to install two hundred machines by next year.

‘Gold to Go’ started off with a single ATM installed at the ‘Emirates Palace’ hotel in Abu Dhabi last May. It now operates similar ATMs all across Abu Dhabi, Madrid, Bergamo as well as all throughout Germany.

There will be 35 machines installed this year with the number going up considerably by next year, he said while standing besides one of the ATMs which had been shaped like a giant gold ingot, beautifully golden in color.

The machines are equipped to update the price of the gold according to the International rate every ten minutes. Gold units weighing 1gm, 2g, 5g, 10g and upto an ounce can be obtained in exchange of cash or credit card transactions. Australian Kangaroos, South African Krugerrands as well as the Canadian Maple Leaf are some of the coins that are available through the ATMs which is resplendent with a gold leaf finish too.

‘Gold to Go’ first tested their machines in 2009 and has now been obtaining their gold from the refiners of Germany and Switzerland. They plan to enter United States by setting up their machines in the states of Florida and Las Vegas first. India and China will have to wait for the next year tells Geissler. He elaborates that they have a very large interest in both these Asian countries but would like to wait for another year before setting up his gold vendors there.