Watch CBSN Live

Madrid ATM Dispenses Gold


Talk about a heavy withdrawal.

  In Madrid, Spain, a unique type of ATM, known as Gold To Go, dispenses gold bars and coins to customers in exchange for cash. Many might ask how an invention like this, the first of its kind in Europe (there is a duplicate device in Abu Dhabi), can serve as a practical means of trading currency.

"The big benefit for the client is to have gold at an always reasonable price, what you never can get on a daily basis in banks or with other deals," Thomas Geissler, Gold To Go's inventor, said during the unveiling of the device at the lush five star Westing Palace Hotel in Madrid.

In a time of economic uncertainty, Geissler believes that this twist on the ATM protects customers from devalued paper currency. And the machine has an internal computer which updates gold prices every 10 minutes.

"So if you want to buy gold at a good price you come to the machine and you buy, if you are looking for some small souvenir, the smallest souvenir is for 40 euro, you can find here in the machine," Geissler also noted.

Now, investors in Gold To Go hope that the device will usher in a new golden age of banking.

View CBS News In