A commodities trader told CNBC Thursday that ATM machines selling gold bars and coins, scheduled to be installed in the US by November, will become popular.
“These will probably do well as a novelty at first. We really believe that longer term this will seriously catch on," said Kevin Kerr, president of Kerr Trading International, of the machines' prospects.
The gold-dispensing machines will be installed first at casinos and hotels in Las Vegas and Florida and then throughout the country. Each ATM can hold $3 million worth of the precious metal when it’s fully stocked.
“There’s a huge demand from the US. We’ve had more than 500 inquiries in the last two to three weeks,” said Thomas Geissler, who created the machine called Gold to Go.