Gold bar

I understand you can purchase a real gold bar from a vending machine at the Golden Nugget???? For real? Any idea of the cost?

 

It's true: Here's you go: http://www.goldennugget.com/amenities/gold_to_go_atm.asp

 

I don't know why but I always check the price of gold on this machine when I walk by in the hopes that there is a computer glitch moving the decimal point a few digits to the left... it has been accurate so far?

 

Might be a decent way to "lock in" some winnings lol

 

I Always look as well. Physical Gold is a part of my portfolio , so I have a good grasp of current Gold prices. The Gold in the machine is marked up, buy 10 or so percent, higher for the fancy coins.

 

Yeah, I wanted to buy one for a gift, just for shits and giggles. Way to high priced for just a gag gift (it is real gold after all, not sure what I was thinking). I took a picture of the machine with the size of the bars, and will try to add it later if I can find it. The smallest one was really really small. I would probably lose it.

 

This is so cool. I'm going to check this out next time.

 

It's a cool machine. Right next to the large gold nuggets in the case. 1g gold "bar" (more like a trinket) was $87 on Wed 7/24. I thought it was a mistake as that is about a 100% markup.

 

Bought a silver coin out of the machine last month just for the heck of it.

 

did you happen to check what the markup over spot price was?

 

Above spot

In Feb, during the Super bowl Week @GN, it was Approx. $170+ above spot, for a 1 Oz Credit Suisse.

 

So, this peaked my interest because I remembered when it was brought in, it was advertised basically that they were selling at going rates. It is also marketed as a gold dispensing ATM. Seems kind of disingenuous if the prices are actually that much higher. Here are a couple articles saying the prices are updated every 10 minutes.... The USA one says there is no commission per se, but the prices are "slightly" higher than market price.

http://www.travelweekly.com/North-America-Travel/Golden-Nugget-offers--Gold-to-Go--with-new-vending-machine/

http://travel.usatoday.com/destinations/dispatches/post/2011/01/las-vegas-atm-dispenses-gold/138002/1

 

thanks for the answer it looks like that was about 10-11% over spot at that time when gold was just under $1700 per oz

I would say if that was the case that was not too bad of a price for a retail sale with instant availability and a known mint.....unfortunately the beating on that purchase since that time makes that $170 retail price addition more painful, but it is still a neat souvenir that will have more long term value than most

 

Thanks! That puts it a bit more in perspective. I guess a 10% mark up isnt that awful. Comparable to a cash advance on some credit cards.