Gold Dispensing ATMs Debut in China

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And gold prices are surging amid global financial fears. Now in China, investing in the metal is as easy as visiting a "Gold ATM".

The machines are made in Germany, but they're being imported to meet strong Chinese demand for gold. The rare metal is the traditional fallback investment when economic forecasts are troublesome.

The machine prices gold at latest market quotes, which are automatically updated every 10 minutes, then dispenses it. There is a selection of shapes and sizes, and consumers can choose to pay with cash or an ATM card.

The company behind the Gold ATM is the Gongmei Gold Group.

[Zheng Ruixiang, Board Director, Beijing Gongmei Group]:
"After the outbreak of the international financial crisis, everybody in China became very keen to purchase and invest in gold. Under these circumstances, the traditional ways of selling gold cannot satisfy the demand."

Gongmei expects the gold ATM to be extremely popular, and plans to install 2,000 of these machines in banks and high-end hotels over the next two years—the first batch will be installed over the next two weeks.

Gold prices rose nearly 30 percent in 2010, and have soared to record highs this year, with the precious metal up 14 percent so far in 2011.

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[smilner10]

Gold is the ONLY thing that is REAL. It can ONLY be posessed physically. It can only be hacked if someone can obtain the gold physically straight from the machine. The owning of silver and gold is where we will all end up. This economic crisis is just beginning. If you think it's over and you haven't prepared, then you are naive. We will probably never have the "Gold Standard," but the "Monetary System" WILL fail. Don't worry about what others are doing, just go get your own gold secured.

[lecic13]

@hzafdl Then gold is only fictional. Its not reel and it can be Hacked or taken...

[hzafdl]

nowadays, people complaints of carrying too much coins. what more if it is a gold bar thou... 

[hzafdl]

@qiranwang . i was refering to weight. would you carry a gold bar in your wallet or purse? if really there a demand to use gold in retail trade, it be better if it in the method of representing not in physical way. example.. let say you want to have 200gram of gold. so this gold reflected in a passbook, or card. like how many gold you own. instead of keeping the actual physical gold itself. plus it dangerous and dificult to carry around. hahah i hope i make sense and clear.

[yomammav2s]

O great something for hackers to get rich from way togo!

[qiranwang]

@hzafdl 。。。。。 what's the difference?

[hzafdl]

huh? i think.. a gold bar or coin wont be adapted. since we left that and use paper. hmm.. they should use a gold card (like debit card) with values. so that we wont have to carry gold bar whereever we go. heh.