It only dispenses up to 10 gram bars (about $400 worth) so pretty much like all ATMs that have that $300-$500 max takeout. If those machines catch on, it could help make gold & silver real money again. <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/6u7NpURkw1w&hl=en_US&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/6u7NpURkw1w&hl=en_US&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
People will dump $20-$50 into a machine with a claw that tries to grab plastic jewelry or watches that fall apart, not 10 minutes after you win them. How the hell did something like that catch on? <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/5VLoTIyxJnc&hl=en_US&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/5VLoTIyxJnc&hl=en_US&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
What is it with you gold bugs? Get over it already, gold as a means of currency is dead, DEAD!!! "In all of history, only 161,000 tons of gold have been mined, barely enough to fill two Olympic-size swimming pools. More than half of that has been extracted in the past 50 years. Now the world's richest deposits are fast being depleted, and new discoveries are rare." http://ngm.nationalgeographic.com/2009/01/gold/larmer-text/3 In other words, that 161K tonnes is about 5.175 billion troy ounces. "According to the 2008 Revision, the world population, which stood at 6.8 billion in 2009, is projected to reach 7 billion in late 2011 and 9 billion in 2050." http://www.un.org/esa/population/publications/popnews/Newsltr_87.pdf So, we've got less than one troy ounce per person and that's assuming we could reclaim every gram of gold ever mined (and we know we can't courtesy of all the gold that's been flung into space on Voyager and other spacecraft which will never return). And, we've got declining new sources of gold. Give it up already, it's an emotional investment that takes the staircase up and the elevator down.
A quote directly from the t.v show fast money. I'm not a fan of the show. It was on in the background, and that qoute caught my ear. Guess it's got a ring to it. lol
So? Back in 1930 when gold was still real money we had 2 billion people on earth. Thats 3 oz of gold for every person(and gold was only worth 20 bucks per oz back then, so thats $60 for everyone) And really? You are using spacecraft lost in space as your case against gold? As if we are loading up spaceships with gold and flinging them out to the farthest reaches of the universe? Also remember that 60% of the world makes less than $2 per day. If they saved 10% of their income every day, it would take them 17 years to be able to buy 1 oz of gold, so its not like the whole world will have 1 oz of gold each. Many will go without. Also gold is not the only way of storing wealth. If I have 10 oz of gold and I buy widgets from a manufacturer, I now have no gold, but i have 10 oz of gold worth of widgets that I will sell to get my 10 oz of gold back plus profit. The widget manufacturer spends the gold I gave him on labor, and supplies to make the widgets. Gold works just like paper money except gold cant be printed on a printing press. Gold is real money.