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Ex Oriente to Add Gold Vending Machines in Middle East
The German-based company installed machines in Abu Dhabi and Dubai last year and plans more in Dubai, Kuwait, Saudi Arabia and Qatar this year.
by Nicholas Larkin (Bloomberg)
Mine Web
(Bloomberg) – Ex Oriente Lux AG plans to increase the number of its “Gold to Go” bullion vending machines located in shopping malls to airports this year as it taps rising Middle East demand.
Sixty to 70 of the dispensers may be installed globally by the end this year, compared with about 40 due to be operating by the end of the second quarter, said Thomas Geissler, chief executive officer of the Reutlingen, Germany-based company. It installed machines in Abu Dhabi and Dubai last year and plans more in Dubai, Kuwait, Saudi Arabia and Qatar this year.
Gold plunged 28 percent last year, the most since 1981, as some investors lost faith in the metal as a store of value. As investors sold through gold-backed funds, more bullion moved to Asian countries such as China as lower prices boosted demand. The flow to Asia may help build hubs like Dubai, an emirate that now accounts for about 25 percent of global gold trading.
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Source: http://financialsurvivalnetwork.com/2014/02/ex-oriente-to-add-gold-vending-machines-in-middle-east/?utm_source=rss&utm_medium=rss&utm_campaign=ex-oriente-to-add-gold-vending-machines-in-middle-east
