China Installs First Gold Vending Machine

Posted September 25th, 2011 at 10:45 pm (UTC-5)
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China has installed the country’s first gold vending machine, giving ordinary consumers the opportunity to conveniently safeguard their cash amid rising prices and global financial insecurity.

The official People’s Daily newspaper reported Sunday that shoppers in Beijing’s Wangfujing Street shopping district can withdraw gold bars or coins of various values based on market prices. Each withdrawal is capped at 2.5 kilograms, or $156,000 worth of gold.

The report said the Beijing Agricultural Commercial Bank and gold trading company plans to install other machines in secure locations such as gold shops and up-market private clubs.

Gold vending machines already are in use in Britain, the United States, the Middle East and Europe.