German firm plans gold ATMs to feed explosive growth in physical gold demand

From Reuters India:

* Gold ATMs intended to whet appetite for physical gold

* Private investor inquiries doubling every six weeks

* Plan is for 500 gold ATMs in Germany, Switzerland, Austria

By Peter Starck

FRANKFURT, May 19 (Reuters) - Private investors should hold up to 15 percent of their wealth in physical gold, according to a German asset management company which plans to set up 500 "Gold-To-Go" ATMs in Germany, Switzerland and Austria this year.

A gold-dispensing automatic teller machine (ATM) was on display at Frankfurt's main railway station for a one-day marketing test on Tuesday.

A one-gram (0.0353 ounce) piece of gold, the size of a child's little fingernail and about as thin, cost 31 euros ($42.25) -- a 30 percent premium to the spot market price .

The flat rectangular piece, bearing the imprint of Belgian metals and speciality materials firm Umicore (UMI.BR: Quote, Profile, Research), came out of the cash-only ATM in a tin box, including a certificate of authenticity. Continued...

No offense intended toward my AU lovin' brethren but doesn't that seem a little toppy ticky?