GoldATM Premiers New ATMs at ATMIA 2024
In a move to make it easy and viable for every person to purchase, store and exchange gold, GoldATM is premiering new gold ATM kiosks at ATMIA 2024 at Caesar’s Palace in Las Vegas Feb. 14-16 in Booth 219/318.
Beyond the show, the first operational gold ATM kiosks from GoldATM are available and open for business in Utah and Nevada.
In December 2023, GoldATM quietly launched its first five ATMs in Utah, in Roy, Layton, Salt Lake City, Kearns, and Pleasant Grove. It plans to test the technology and assess consumer interest in using ATM kiosks that dispense Goldback bills—made of pure 24-karat gold, but flexible and durable just like cash—for as little as $20.
So far, the response has been positive and consumer interest is high, according to the company. The company says it has received requests to install GoldATMs in additional Utah locations.
Goldbacks are paper bills embedded with real gold. They are the world’s first physical, interchangeable, gold currency. They are available in five denominations (1, 5, 10, 25, and 50). Investors and collectors acquire Goldbacks because they are spendable, physical 24k gold bills, each with a unique design featuring a US state and a set of virtues. While they are paper notes, they also have 24k gold embedded in precise measured amounts of 1/1,000th, 1/200th, 1/100th, 1/40th and 1/20th of a troy ounce in each bill, depending on the denomination. Each bill's artwork is combined with government-grade anti-counterfeiting features. They are manufactured by a Portland, OR-based company, Valaurum, the main manufacturer of Goldbacks in the US. Valaurum has perfected a manufacturing that incorporates 24-karat gold into each bill. The gold is visible as gleaming elements throughout each multilayered bill.
Until recently, Goldbacks could be purchased at approximately 200 coin stores around the world. With GoldATM's ATM machines, they can now be purchased in select locations in northern Utah, with more locations to be added soon.
While they can be used for trade and collecting, Goldbacks are seeking to be officially considered “Specie Legal Tender” a form of currency based on precious metals such as gold and silver that holds legal tender status and is recognized as an alternative currency. To date, Utah, Nevada, New Hampshire, Wyoming, South Dakota, and Texas are proposing or have already adopted similar legislation that would designate alternative gold-backed currency, such as Goldbacks, as Specie Legal Tender. Texas is set to be the latest state to implement gold based notes for purchase at ATMs.
Utah has been the leading state in the nation to embrace alternative currencies based on precious metals. In 2011 Utah's legislature passed HB317 which went into effect in May of that year, provided definitions, recognized gold and silver coins issued by the federal government as legal tender in Utah and set the stage to study the possibility of establishing gold and silver as an alternative form of legal tender.
On January 19, 2024, Rep. Ken Ivory, a republican lawmaker from Salt Lake County (district 39) introduced a bill, HB348, seeking to clarify and expand the definition of gold and silver as legal tender in Utah. Among other things, HB348 would expand the definition of "specie legal tender" to include gold or silver coin or bullion not issued by the United States.
“The Goldbacks that our Gold ATMs dispense are not a promise of gold, they are the gold, which can be easily used to save, store, exchange to dollars or even used to make payments at the steadily growing list of more than 1,000 merchant locations in Utah that accept the bills as a legal alternative currency,” said Florida-based Andrew Carey, CEO and Co-founder of GoldATM, who "has been involved with Bitcoin, NFTs and precious metals since 2013," according to LinkedIn.
Carey's LinkedIn profile also shows him as CEO and Co-founder of BitcoinATM.com, "provider of the Bitstop and Genesis Coin Bitcoin ATM software platforms. Our technology pioneered the BitcoinATM industry and now powers more than 10,000+ Bitcoin ATM terminals world-wide."
“Gold is more popular than ever with rising inflation,” said Carey.
He continued, “Costco reportedly sold more than one hundred million dollars of one ounce gold bars last fiscal quarter and had to limit purchases to two bars per customer because of overwhelming demand. Most gold bars have a minimum investment barrier of $2,000 which is out of reach for most people who just want to buy smaller amounts. Our Gold ATMs allow customers to buy as little as $20 of gold and to dollar cost average over time. We are serving a part of the retail gold market that has never been properly served before via a distribution method as familiar as an ATM.”
“The interest in our Gold ATMs is tremendous and growing, for a variety of reasons—which opens the need and opportunity for us to use our legacy of experience in the ATM industry to make this resource available in a way that is accessible and convenient for all. We have plans to deploy and distribute several thousand Gold ATMs across the United States over the next two years. We’re also in early discussion with prospective partners for international distribution already,” Carey concluded.
"Goldbacks level the playing field for people who want to own gold but may not be in a position to buy a $250, $500 or $1,000 gold coin." said Brad Moseley, AVP of Client Development at Finest Known, a company based in the LA area that sells rare coins, ancient coinage, shipwreck treasure, currency, documents, art and artifacts of historical significance. The company also sells Goldbacks from the states that currently offer them (Utah, Nevada, New Hampshire, South Dakota, and Wyoming, with Texas coming online next).
Moseley continued, "If you've got five bucks in your pocket, you now move some of your money into gold. GoldATMs gives people the ability to go where they were not able to before to obtain goldbacks that they can use us in barter and trade if they want as a hedge against inflation."
As of today, the exchange rate for one Goldback is $4.16 (or five Goldbacks = $20.80).
GoldATM.com is a privately-held company. It is the first organization to create true gold ATMs that can instantly convert cash into Goldbacks—pure 99.99% 24-karat gold resembling cash.
GoldATM’s initial launch in Utah with a set of five Gold ATMs is expanding to Nevada. The company says it plans to establish several hundred Gold ATMs nationwide in 2024.