The seven-star Emirate Palace Hotel in Abu Dhabi has installed a gold-bar-dispensing gold ATM. The snazzy (for "snazzy," read: gaudy and distasteful) kiosk keeps tabs on the international gold price via an Web connection that updates every 10 minutes. It allows show-offs -- sorry, "users" to pay for a bar of gold with cash. Credit and debit cards will soon be accepted.
The kiosk is the brainchild of German entrepreneur Thomas Geissler, who came up with the concept while thinking of ways to capitalize on the distrust of the banks following the global financial collapse.
"People don't trust the banks and they don't believe the government's experiment with its finances will be successful," he said.
"They want to put some of their wealth into a safe haven." And it would seem havens comes no safer than gold, with prices for the sparkly wonder reaching an all-time high last week.
Geissler's "Gold to Go" brand is looking to expand its reach, too, with machines already installed in the Frankfurt airport and now Abu Dhabi. The intrepid businessman is now looking to the U.K. as a future target.
For a video of the gold ATM and men holding up little chunks of rare metal and looking pleased with themselves, keep reading.