Japanese computer parts manufacturer and gold importer Space International is now reportedly selling gold through automatic vending machines in the form of gold coins and bars.
The novel way of selling the precious metal is intended to make it easier for interested customers who have traditionally preferred gold to other metals or tradable gold funds, but have had to go through an arduous registration procedure. Gold bought through vending machines would remove the bureaucratic hassles and also the commission, resulting in cheaper prices.
Speaking to Reuters, President of the Company, Makishi Rokugawa said, We were selling gold items through mail order until last year and thinking about ways to reduce commissions and avoid the annoying registration process.
So they installed a vending machine in the Company lobby which sells coins and mini-bars weighing more than one gram. Prices depend on the item and the rate on the sale date, with a gold coin from the Australian Perth Mint currently fetching about 38,350 yen.
Japan has a famous vending machine culture with the most unlikely of things being sold through these.The single machine from Space International has already brought in 50 customers and there are reported requests for similar provisions in other regions. The Company aims to install more machines in these areas, and depending on the overall domestic demand and sales, may later consider scoping other traditional Asian or overseas markets.