Monday, July 4, 2011

Gold ATMs Hit Great Britain

If you look back, I've written several times (for example, here and here) about the coming of ATMs that exchange paper fiat money for actual gold. This is just a precursor -- a taste -- of what I'm always talking about: modern banking based on sound money. Well, those gold ATMs, which started in Abu Dhabi and then came to Boca Raton, Florida, have arrived on the shores of Great Britain as well.

(I encourage you to read my full comments on this issue here, where I expound in more depth.)

Why is this significant? Because, as I've talked about repeatedly, this is just a "taste" of the modern specie-based banking we can look forward to, if we implement ideas like the Constitutional Tender Act. But that's why this idea is key: the more we get used to the notion of gold and silver being money, the sooner we'll finally return to sound money that holds its value -- and the sooner we can save our trashed economy.

Don't try snacking on these bars: The vending machine that sells gold not chocolate
Shoppers can pick up a 1g coin for roughly £40 or a 250g bar for £10,250
By Daily Mail Reporter

If you think chocolate bars are a little overpriced these days, then this isn't the vending machine for you.

For the only bars you can get here are made of pure gold and will set you back somewhat more than 70p.

Britain's first gold vending machine 'Gold to Go' will open today in the Westfield shopping centre in west London...

...There are no security guards protecting the machine, but would-be thieves would still have to contend with reinforced steel and a state-of-the-art alarm system.

'It would cost you a great deal more to get the gold out than the value of the gold inside,' Joe Dreixler, of Oriente Lux, said.


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