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View Full Version : Gold Vending Machines Come to Beijing



megimoo
09-15-2011, 06:14 AM
Machines that dispense gold bars are set to make their debut in Beijing on Sep 23.The machines will dispense gold bars weighing up to 2.5 kilograms and work just like the normal automatic teller machines (ATMs), cnr.cn reported, citing sources close to the matter..... The machines can accept both cash and credit cards. The cash-for-gold machines will be on trial at Beijing's upscale clubs and private banks during the initial period for security reasons........ The gold ATMs have been launched by German company TG Gold-Super-Markt and are at present in existence in countries like the United Arab Emirates,Spain and the US.


http://europe.chinadaily.com.cn/china/2011-09/14/content_13688693.htm

lacarnut
09-15-2011, 07:51 AM
I would hate to see the mark up on these dispensed gold bars. Probably as high or higher than some of these rip off gold companies on TV commercials. Seems like buying gold at a coin shop would be a better buy than thru a machine in the bank or club.

Gold and silver should be in every-one's investments. Both have averaged around a 30% increase this year. Chinese view gold as a store of wealth rather than an investment. This is also true of Asians buying gold. I look for gold to increase in value as long as the US and other countries crank up the printing presses. Paper money is not backed by anything but the faith of government. Whereas, gold and silver are physical assets.

Starbuck
09-15-2011, 08:01 AM
Sounds to me like the Chinese have figured out a way to put about 6 more people in the supply chain.:D

And I'm have a hard time picturing these vending machines. They're going to dispense something worth nearly $2,000/Oz?
And what if you want to cash some in? Is there a slot where you can insert your gold bar or coin so the machine can spit out money?

I dunno. Sounds like a lousy idea to me, but what do I know?:confused:

lacarnut
09-15-2011, 08:34 AM
Sounds to me like the Chinese have figured out a way to put about 6 more people in the supply chain.:D

And I'm have a hard time picturing these vending machines. They're going to dispense something worth nearly $2,000/Oz?
And what if you want to cash some in? Is there a slot where you can insert your gold bar or coin so the machine can spit out money?

I dunno. Sounds like a lousy idea to me, but what do I know?:confused:

A 2.5 kilo gold bar at $2k per ounce would equal $150,000. It would take a long time to fish that amount into a vending machine. The vending machines in the US have much lower (grams to 1 ounce) amounts. Sounds like this could be used as a money laundering tool. I have heard they have them in Miami and Vegas. hmm. Gold vending machines do not sound like a good idea to me either.