SALT LAKE CITY (ABC4) — To make it “easy and viable” for every person to purchase, store, and exchange gold, GoldATM is launching the first operational gold ATM kiosks in Salt Lake City, according to the company.
The ATMs dispense “Goldback” bills — made of pure, 24-karat gold, but flexible and durable like cash — for just $20.
The company said they quietly launched their first five gold ATMs in Utah in December 2023 to test the technology and assess consumer interest, and the response has been positive. They said they regularly receive requests for the ATMs from additional Utah locations.
Right now, there are five gold ATMs in Utah, located in Kearns, Pleasant Grove, Roy, Salt Lake City, and Sandy.
Goldbacks are reportedly considered “Specie Legal Tender” (precious metal coin issued by the United States government) as a recognized alternative gold currency in Utah, as well as Nevada, New Hampshire, Wyoming, and South Dakota.
Andrew Carey, GoldATM co-founder and CEO, said Goldbacks are “not a promise of gold, they are the gold.”
Carey said Goldbacks can be used to save, store, and exchange to dollars, as well as to make payments at the more than 1,000 merchant locations in Utah that accept the bills as currency.
According to Carey, most gold bars have a minimum investment barrier of $2,000, which is often out of reach for people who want to buy smaller amounts.
GoldATMs allow people to buy as little as $20 of gold and to dollar-cost average over time, he said.
“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,” Carey said.