China Feeds Gold Rush With Gold Dispensing Vending Machines

[FlatIron]

http://www.economywatch.com/in-the-news/china-feeds-gold-rush-with-gold-dispensing-vending-machines.26-09.htm


26 September 2011
China has become the latest nation to introduce a gold dispensing vending machine, which was installed within the busy Wangfujing Street shopping district in Beijing on Saturday.
The machine is a joint collaboration between the Beijing Agricultural Commercial Bank and a gold trading company, and will allow customers to withdraw gold bars or coins of various weights based on the prevailing market prices.

Patrons of the machine must either insert or use a bankcard to withdraw the gold, with each withdrawal capped at 2.5 kilograms or one million yuan (US$160,000).

The Beijing Agricultural Commercial Bank hopes to expand the number of locations for the machine in China to other secure locations such as gold shops and upmarket private clubs.

The first vending machine on Wangfujing Street was made by German firm TG Gold Super Market, and will offer wealthy Chinese an attractive investment opportunity, especially after the Chinese government’s recent measures to discourage real estate investment and speculation to cool down property prices.

As the world’s second largest bullion consumer, the Chinese government is actively encouraging its citizens to purchase more gold in order to hedge against inflation.

In 2010, Chinese consumer demand for gold grew by 27 percent to 579.5 tonnes – according to the World Gold Council – as more Chinese sought to safeguard themselves from the uncertainty surrounding the global economy. India is presently the world's top consumer of gold, with a 66 percent increase in 2010 to 963.1 tonnes.

Although China’s gold vending machine may not be the first of its kind in the world – with a similar concept already in existence in the US, Abu Dhabi, Germany, Spain, the UK and Italy – the move is a significant step for the gold market in China, particularly since the government only recently allowed its citizens to actually own gold bullion.

Kind of Funny that they are creating vending machines for gold

[Seraphim]

Sooner or later they won't be called vending machines. They will be called ATM's.

=)

Gold is money :) Prepare.

That is all :)

[Aratus]

who is john galt

[Steven Douglas]

Clever bastards. They get to actually call it as they see it, while we have only the illusion of a free market to uphold and defend.

You know what modern China reminds me of, having lived there for several years? Post-Bill of Rights America. Long after the chaos and lawless mayhem created by the Articles of Confederation and the Continental paper experiment, when the Founders got together, acknowledge their mistakes, and attempted to correct them. Anyone who thinks that China is Communist in anything but name only, or even Socialist as anything more than a sentiment (certainly not practiced to the far reaching extent that the US has), hasn't the first clue what China really is, and how it has morphed.

We "only" lost a half million or so in our Civil War. That has long been forgotten, with history rewritten by the victors. We actually teach our useful idiots that Lincoln freed the slaves. China lost over 40 million to utter starvation not too very long ago (in my lifetime), and the memory of the Cultural Revolution that brought about that starvation is still quite clear in everyone's mind - including its leaders.

Wanna know a common Chinese greeting? I hear it all the time: nǐ chīfàn le ma ("Have you eaten?")

China is planning by making sure that there is a solid economic value-base in place, right within its population, regardless of what happens to any paper currency. very, VERY smart. Not us. No, we'll stand behind our New Deal and our fiat currency to the bitter end - right down to MOCKING anyone who sees precious metals as having intrinsic value as "bugs" and "hoarders".

MORONS.

We have yet to experience the end game to our own Rooseveltian Cultural Revolution.

[Zippyjuan]

One machine for a country of 1.3 billion people.

If anybody is interested in getting their own machine, here is a link to the manufacturer: http://www.gold-to-go.com/en/the-gold-vending-machine/the-gold-vending-machine/

[Steven Douglas]

One machine for a country of 1.3 billion people.

If anybody is interested in getting their own machine, here is a link to the manufacturer: http://www.gold-to-go.com/en/the-gold-vending-machine/the-gold-vending-machine/

It will catch on throughout China, as the government is on a very public campaign that encourages everyone to buy as much gold and silver as they can afford as a store of wealth. There is no question in my mind but that China will be moving to a gold backed currency for private citizens in the not too distant future.

[Xenophage]

It will catch on throughout China, as the government is on a very public campaign that encourages everyone to buy as much gold and silver as they can afford as a store of wealth. There is no question in my mind but that China will be moving to a gold backed currency for private citizens in the not too distant future.

The Chinese are benefiting from the practicality of a mostly free market, but they are not free. The ideology that drives their political policies is still socialist, and the moment their government feels it is in its best interest to crack down on what few liberties it has given its people it will do so. The Chinese government has spared no expense conditioning its people to be ruled.

I'm very interested to see what the future holds for them.

[Steven Douglas]

The Chinese are benefiting from the practicality of a mostly free market, but they are not free.

That's true in many ways. The difference is: we actually think we're free.

The Chinese are not all prosperous, but they are far more free from an individual libertarian standpoint in many meaningful ways - than we are. Have you been to China? If not, it is difficult to describe, and most definitely NOT what any of us are taught, or led to believe.

We are up each other's asses in an "oughta be a law" way, with ever-growing lists of newly dreamed up prohibitions, regulations and micro-controls of individual liberty that are just insane. Seatbelt laws, anti-smoking laws (including selective, vindictive taxation of tobacco as both a moral and health imperative), mandatory insurance (and now mandatory health care, if that bit of insanity manages to pass).

We're bombed by some snot-nosed greasy terrorist, to the tune of a several thousand lives and several billions of dollars in damage - and our entire country goes berserk. Hundreds upon hundreds of billions are spent, with individual liberties eroded, all out of FEAR.

We are a "tack it on" kind of people, public and private with a laundry list of regulations, taxes and licensing requirements from all levels of government just to say that we exist, let alone engage in commerce.


The ideology that drives their political policies is still socialist, and the moment their government feels it is in its best interest to crack down on what few liberties it has given its people it will do so. The Chinese government has spared no expense conditioning its people to be ruled.

Now read that sentence again, only substitute Chinese for American -- and you'll be even more accurate.


I'm very interested to see what the future holds for them.

Me too, and project that one backwards as well, because I think we are in deep, deep doo-doo myself.