Posted on 04/22/2025 12:34:50 PM PDT by mac_truck
BRICS member China has unveiled the world’s first Gold ATM that melts, tests, and converts gold into instant bank transfers. The ATM has already witnessed long queues of people trying to sell off their generational gold. Users need to book an appointment to use it, and according to early reports, appointment slots are full until as late as May.
The Gold ATM is operated by China’s Kinghood Group and is installed at a mall in Shanghai. The machine weighs, checks the quality, and analyses the Gold before dispensing the money equivalent to the price that was put in. The ATM is designed to accept gold items of over three grams with a purity of at least 50 percent.
“The introduction of smart gold ATMs primarily serves a recycling function from a business perspective. This reflects the fact that, with rising gold prices, the value of gold held by the public has increased significantly, leading to a stronger desire to cash out,” Wion quoted Xu Weixin, a member of the Shanghai Gold Association, as saying. “There is still strong upward momentum for gold, mainly driven by central banks and institutional investors accelerating their gold purchases.”
(Excerpt) Read more at watcher.guru ...
Sounds like they are are set up to move to a gold economy.
I read more about this machine earlier.
it takes 40 minutes to melt all your old gold and then it xrf and gives you about 80% of the gold value. if you dont like the amount offered too bad since your gold was already melted.
reminds me of this tv episode https://www.imdb.com/title/tt2138527/
“Sounds like they are are set up to move to a gold economy.”
LOL!
Actually it sounds like their currency is being debased so much that people will want to hold hard assets and ONLY convert to their crap currency when they have to.
If their economy was good and people were optimistic they would not need this stuff. China might go to a gold based YUAN for import/export, but they would not use it for internal transactions. They want to be able to manipulate their currency and you cannot do that on a Gold Based economy.
made to order for thieving. who needs a pawn shop.
Of course the other possibility is the people are about to pressed to pay off their debts and it’s a place to melt grandma’s jewelry so the government doesn’t come kill you.
Can’t they just go to a jeweler? Seems like you’re kind of screwed After they melt it down
Bkmk
Numismatic enthusiasts worldwide having heart-attacks.
Sounds like they are are set up to move to a gold economy.
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Many greats in the field state China has accumulated close to 30,000 tons of Gold, to our small 8,100 ton pile.
Steer, Schetchman , and McGuire estimates closer to 40 tons, presumably to obtain a 40 percent currency backing ( like the Brics). In any case, they have way, way more than they report to the western WGC.
Remember what Trump stated, those with the Gold make the rules….we shall find out soon.
One of my distant relatives in the Hong Kong financial field states close to 40,000 tons. He also added they have been mining for years, and have had a ban on Gold exports for at least a decade.
I think both China and India have a lot more gold than they are letting on.
It’s nice when they create a single location to get thousands of dollars worth of gold for criminals to access.
Pick-up truck and chain.
The jewelry is done hocked. It's time to dig up grandma and pry out those gold fillings and teeth.
China may very well see citizens repaying it’s debts necessary (since the people who loaned the citizens money, borrowed it from the government) in order to weather a change of economy because of tariffs.
If they’re anything like the CoinStar machines, they will rip you off back-and-forth, upside-down, and every way in-between.
You posted that before.
Turned out your source was a Podcaster that heard that years ago from some dude in Amsterdam that he couldn't remember the name of!
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