Remove Card and Take Bullion; Gold ATM Debuts
CNBC EMEA Head of News
Amid fears over the strength of nearly every major currency, Abu Dhabi’s top hotel has come up with a new type of ATM for their most risk-averse guests. The Emirates Palace is giving those staying there the chance to withdraw gold from the world first ever gold dispenser.
With gold prices at record highs amid fears that the EU’s rescue package will drive inflation higher, the ATM monitors the daily price of gold and offers small gold bars that weigh up to 10 grams with customized designs.
This could be just what those who stay in one of the world’s most expensive hotels will need as they watch the euro, yen and dollar jump around in volatile trade.
The hotel boasts 302 Grand Rooms, 40 splendid Khaleej & Khaleej Deluxe suites, four Royal Khaleej suites and sixteen three-bedroom Palace Suites divisible into a total of 48 one-bedroom individual suites.
Thomas Giessler, the German entrepreneur behind the idea, chose Abu Dhabi because of its high-rolling atmosphere. Geissler said he hopes his Gold to Go machine will tie in nicely with the region's traditional ties in gold commerce.
Giessler’s timing is very good given gold is currently at a record high. Given the price action at the moment your 10 grams could be worth considerably more by the time you check out and could help you pick up the tab at the luxury resort. One night in a three-bedroom suite that could set you back more than $10,000 a night.