Gold Demands Soar Causing China to Launch its First Gold Dispensing ATM
Shoppers can insert a credit card or cash into the ATM and choose how much they want to withdraw in solid gold bullion; however, the withdrawal is capped at one million Yuan or 2.5 kilograms, which is about $156,000 U.S. dollars or 5.5 pounds. The machine also is updated every ten minutes based on the varying market price of gold.
Gongmei Gold Trading, the company that installed the vending machine, said that they have high hopes for the ATM and are planning on placing 2,000 other machines in large cities within the next two years.
The machine was shut down quickly after authorities learned that it was not giving out receipts. Although the machine has some technical issues, the company plans on having the ATM up and running soon.
Gold is very popular among the Chinese, as consumers are using it as a hedge against inflation. In fact, many U.S. consumers feel the same way and fear a financial collapse, which is why they are turning their cash and other investments into gold deposits.
The U.S. has already seen vending machines like this installed in Boca Raton, Florida in 2010 and in Las Vegas in 2011. But, will we see more machines in the near future that even offer buy-back services? It is expected that additional ATMs will be installed throughout the U.S. within the next year, giving consumers a choice of where to purchase their precious metals.
Although gold ATMs seem safe, consumers should still be aware of prices and values, in order to get the best bang for their buck.
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