GOLD to go China has been installed recently in a busy shopping district in Beijing. GOLD to go is a gold vending machine produce by a German company, Ex Oriente Lux AG. The exterior of the machine is coated with a thin layer of gold and offers customers 320 items to choose from, ranging from 24-carat gold bars weighing 1, 5, and 10 grams as well as gold coins from Canada, Australia, and South Africa. Each comes in a gift box. Shoppers in the popular Wangfujing Street can insert cash or use a bank card to withdraw gold bars or coins of various weights based on market prices, the People's Daily said on its website. Each withdrawal is capped at 2.5 kilograms (5.5 pounds) or one million yuan (about $156,500) worth of gold, the report said.
Gold vending machines already exist in Britain, the United States, the Middle East and Europe.
The machine was launched Saturday by the Beijing Agricultural Commercial Bank and a gold trading company, the report said. They plan to install an unspecified number of machines in secure locations such as gold shops and upmarket private clubs.
Gold is often used as a hedge against inflation and the machines could prove popular among Chinese consumers looking for a convenient way to safeguard their cash amid rising prices.
Chinese consumer demand for gold soared 27 percent year-on-year to 579.5 tonnes in 2010, according to the World Gold Council. China is the world's second largest bullion consumer after India.
Source: AFP.
China Daily reported that the ATM dispensing gold bars and coins was switched on this weekend and then swiftly switched back off again. The vending machine shut down the same day because it was not producing receipts. No specific date when the ATM machine will be running again by Gongmei Gold Trading, the gold ATM Operator in China.
In the future, will this vending machine be available in Malaysia?
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