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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Asia Pacific World Search Search: A golden new gift option for air travellers? AFP - Monday, June 22 FRANKFURT (AFP) - - Tired of buying perfume, chocolates or wine for your spouse while flying home? Looking for a special and safe investment in these turbulent times? ADVERTISEMENT Passengers who clear security at Frankfurt airport and fear inflation more than flying could soon find an answer with a machine that doles out a bright, shining answer: gold. "The reaction by Asian people was fantastic," gold dealer Thomas Geissler told AFP after his company, TG-Gold-Sper-Markt, tested a prototype dubbed "Gold to Go" in the airport's main hall last week. "A guy was delighted to get a piece of gold to bring back to his wife." Geissler hopes to have a working model up and running within three months in a shopping area beyond the X-ray machines where check-in stress evaporates and passengers can kick back. And he is aiming big: Geissler wants to install 500 machines in airports throughout Europe, as well as in train stations, jewelers and up-scale stores in Austria, Germany, and Switzerland. Germany, one of the countries worst hit by the global recession, is seen as a wise place to launch Geissler's machine because the economic crisis has driven up gold sales in Europe's biggest economy. According to the World Gold Council, German investors -- and consumers over the border in Switzerland -- are hoarding gold at "levels not previously recorded". In 2008, there was "a tremendous swing from trivial levels within Europe to very substantial levels" in gold sales, said Niel Neader, research director at GFMS, a London-based precious metals consultancy. "In the closing months of the year, Germany was the star performer." While the rest of the world worries about deflation, German economists, bankers and politicians are warning huge government deficits could quickly re-ignite inflation once a sustained economic recovery gets under way. This worries Germans sick because hyperinflation and two world wars wiped out many families' savings in the 20th century, Geissler explained. "Germans are frightened by inflation ... They are afraid to lose everything a third time in one century. Twice was enough." Neader, meanwhile, said another factor driving consumers to gold was a "distrust of banks" after a credit crisis drove the global financial system to the brink of collapse last year. Geissler's vending machine will sell packets containing from one gram for around 30 euros (42 dollars) at present to five and 10 grams for about 245 euros, along with Australian "Kangaroo" and Canadian "Maple Leaf" coins. A gram of the stuff will set customers back by 20 percent less than over the counter at a German bank, but his margin represented just "a nice and reasonable profit" compared with market rates. Software developed by his firm updated prices every two minutes, he stressed, which meant "we will have nearly a real time price compared with the London gold market." And in case police are worried about unscrupulous customers using machines to launder ill-gotten gains, the company is installing video cameras and some machines will be credit card only, he said. "We will pay maximum attention," he vowed. The first machine is slated for installation in a Hugo Boss clothing store near the company's headquarters south of Stuttgart, once talks have been wrapped up. He confidently predicts a brisk trade at the machines, which will each contain a maximum value of 50,000 euros (70,000 dollars) -- less than in most cash distributors. At sites like Frankfurt's bustling international airport, "I think you will have to fill up the machine every day," he forecasts. Franchise owners, according to company calculations, need to sell only "five to seven items, the smallest quantity or one gram, to break even." One gram sales were expected to comprise 70-80 percent of the total. Physical German gold sales jumped from 28 tonnes in 2006 to 115 tonnes last year, according to Neader at GFMS, and Geissler thinks this could rise to 150 tonnes per annum. In Switzerland, Asian gold imports gained 43 percent early this year, a development described as an "Asian gold rush" by the Swiss federal customs office, and refiners report a surge in demand for gold bars. A GFMS survey has forecast demand will "drive the bull market into a ninth consecutive year" and could propel prices to the 1,100-dollar mark. In Germany's financial capital, Geissler's machine attracted stares, and "some bankers couldn't believe what they saw," the gold dealer said. "It will take a little time until everyone is used to the sight of a gold vending machine," he acknowledged. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Entertainment & Lifestyle US-ENTERTAINMENT SummaryReuters - 1 hour 58 minutes ago Sitcom actresses juggle family, careersReuters - 1 hour 58 minutes ago Forecast fine for Jack White's Dead WeatherReuters - Monday, June 22 Animation to soar to new heights with 'Astro Boy'AFP - Monday, June 22 Harold Ramis looks back at "Year One" from Day OneReuters - Monday, June 22 Enlarge Photo 5 gram gold bars engraved with the logo and name of the German bank Commerbank are seen at the plant of gold refiner and bar manufacturer Argor-Heraeus SA in Mendrisio, southern Switzerland. Passengers who clear security at Frankfurt airport and fear inflation more than flying could soon find an answer with a machine that doles out a bright, shining answer: gold. Most Popular – Entertainment Viewed Schwarzenegger in mid-air jet drama Chubby people live longest: Japan study Botox helps Australian stroke victim to walk again Boeing readies Dreamliner for first flight F1 governing body 'not surprised' at sport's split View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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