Brits can cash in on gold through new ATM

England's first gold ATM is designed to lure would-be investors looking for a little financial safety from the world's most enduring currency.

You can forgive gold investors for feeling a little smug.

While stock market fans are bemoaning a lost decade--the S&P 500 index remains below where it was in 2000--gold prices have quintupled since then.

Fortunately for British gold bugs, it's now easier than ever to purchase the world's most enduring currency: the country's first gold vending machine opened today in a shopping center in London. It accepts cash and credit cards.

The company, Gold to Go, already operates ATMs in Germany, Italy, the United Arab Emirates , and (of course) the Golden Nugget casino in Las Vegas.

With the federal government running up something like $212,500 in debt per household, a total that's growing by around $1,148 per month, the logical course is for an Uncle Sam untethered to the gold standard to pay off his debts by running the printing presses. If that happens, it's a fair bet the price of gold denominated in dollars will go only up. Time to stop by your nearest ATM?

About the author

Declan McCullagh is the chief political correspondent for CNET. You can e-mail him or follow him on Twitter as declanm. Declan previously was a reporter for Time and the Washington bureau chief for Wired and wrote the Taking Liberties section and Other People's Money column for CBS News' Web site.

 

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