[NEWS] China installs gold vending machine as demand soars

Discussion in 'Modern Chinese Coins & Medallions' started by yennus, Sep 27, 2011.

  1. yennus

    yennus Well-Known Member Silver Stacker

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    http://timesofindia.indiatimes.com/...hine-as-demand-soars/articleshow/10121475.cms

    BEIJING: China, which recently came closer to India in terms of the gold market, has installed its first gold vending machine in Beijing. In an attempt to become the second largest bullion market after India , the Chinese government is encouraging sales of gold.

    The machine, which has been installed in Beijing's Wangfujing shopping district, will enable consumers to use cash or bank card for buying gold bars or coins of different weights, based on the prevailing market price. The maximum limit for each withdrawal has been set at 2.5 kg or one million yuan ($157) worth of gold, the official media said. More such machines are likely to be installed across the country, which saw gold demand soaring 27% last year. Gold vending machines already exist in Britain, the US, the Middle East and Europe.

    This facility offers wealthy Chinese an attractive investment option when the government is actively discouraging real estate investment and speculation to cool down property prices. Chinese consumer purchases of gold at 580 tonne in 2010 was still lower compared to India's consumer buying at 963 tonne, according to World Gold Council.

    ...

    Opinion: Wow! The maximum limit for each withdrawal has been set at 2.5 kg!!! Some people with deep deep pockets over there. I wonder if they will have Pandas :)
     
  2. Capricorn

    Capricorn New Member

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    Not sure what the $157 is about - 1,000,000 Yuan (or RMB) is +- AUD$162,220.00 or so.
     
  3. yennus

    yennus Well-Known Member Silver Stacker

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    Not sure either, but it could be in regards to $157,000USD.
     
  4. Thor122

    Thor122 New Member

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    Yes. In argentinian newspaper put usd 156.295
     
  5. lucky luke

    lucky luke Active Member Silver Stacker

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    Saw a related article here which indicates an additional 2000 machines being installed.

    http://cnbusinessnews.com/china-to-install-more-than-2000-gold-atms/

    I'd be curious to know the range of bullion products that the machine can dispence. Further, the price differences of the various forms (presumably) of bullion that the machines will dispence. In terms of bullion "coins", the range would also be very interesting. Gold ASE's on offer in China from a vending machine? :p Some-how doubt it though (For all the panda collectors out there, don't go screaming insult at me for that little humour. I collect panda's along with maples, ASEs, Takus and any other Bullion coins I can find that come at the right price). With friends working in China, my interest in these vending machines is a serious personal consideration of their worth as a source of bullion when the price and product feels right.
     
  6. yennus

    yennus Well-Known Member Silver Stacker

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    Items issued from the vending machines will probably be mainly PBOC issued gold, which is likely to include this years Pandas.

    They may also include these bars from China Gold:
    [imgz=http://forums.silverstackers.com/uploads/675_20gbullion.jpg][​IMG][/imgz]

    Which celebrates the 100th Anniversary of the Revolution, which appeals to both the Nationalists and Communists alike.
     
  7. lucky luke

    lucky luke Active Member Silver Stacker

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    Certainly be interesting to CONFIRM if the machines do or do not offer pandas, what range of panda's and at what price (% over spot), in addition to other bullion.

    In terms of the use of the ATM's, it'd be interesting to know how one in China sets up an account ie do they first need to register with a bank to interact with the machine, or if it is a straight fiat for gold swap. I doubt seriously that it would be the later despite its attraction.

    If they do offer panda's, it may be a good way to cut out the significant "middleman" price addition/hype assuming the ATM price is reasonable in the first place. One would assume that the ATMs are "state" controlled and not in the hands of private companies.
     
  8. Dandan

    Dandan New Member

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    If there was a significant coin/bullion/numi expo to be held on our shores, I would be awesome if they sent one over and we could see it in action. Im sure plenty of people would give it a spin. the 200 keg capacity would have a pretty good dent in it.
     
  9. yennus

    yennus Well-Known Member Silver Stacker

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    Yes, it would be good to see one of these machines in action. I last heard some were in Beijing, so hopefully if there is anyone in Beijing they can take a look at one for us.

    It would probably be linked to a persons bank card. Otherwise that is a lot of cash to put into a machine... especially if withdrawing 2.5KGs :)

    I don't know why one would assume they would be state controlled (not that it matters if they are). Most of the gold dealers throughout China are private enterprises.
     
  10. lucky luke

    lucky luke Active Member Silver Stacker

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    I would be curious to know who controls the ATM's ie private banks, private chinese banks rather than foreign banks, state controlled banks, state controlled "other" organisation (ie something similar to the Australian Mint). If you can substantiate that the ATM's are not state controlled then I would welcome any information you have.

    I'd also be curious if someone would substantiate POINT OF FACT whether Pandas are dispensed from these bullion gold ATMs or not.
     
  11. lucky luke

    lucky luke Active Member Silver Stacker

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  12. lucky luke

    lucky luke Active Member Silver Stacker

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    The following article appears to add clarrification.
    http://www.hktdc.com/info/vp/a/bkfi...ut-on-the-ritz-in-major-commercial-center.htm

    quote "The machine installed in Beijing's Wangfujing shopping center will allow people to withdraw gold bars of varying weight with cash or bank cards, said Zheng Ruixiang, president of Gongmei Gold Trade Co. Ltd., which introduced the gold-dispensing ATM to China. unquote

    If one was to buy the maximum of 2.5 kg of gold, that would be a lot of cash to feed into the machine first. :D
     
  13. boyd_05

    boyd_05 Member Silver Stacker

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    you would want to have some pretty good security around
     
  14. yennus

    yennus Well-Known Member Silver Stacker

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  15. boyd_05

    boyd_05 Member Silver Stacker

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    LOL :lol:

    yep, that would do it
     

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