Sunday, September 25, 2011

Markets in Everything: Gold Vending Machines

BEIJING, September 25, 2011 - "China, already the world's second largest bullion consumer, has installed the country's first gold vending machine in a busy shopping district in Beijing. Shoppers in the popular Wangfujing Street can insert cash or use a bank card to withdraw gold bars or coins of various weights based on market prices. Each withdrawal is capped at 2.5 kilograms (5.5 pounds) or one million yuan (about $156,500) worth of gold."

7 Comments:

At 9/25/2011 3:55 PM, Blogger Larry G said...

they need to kick this up a notch.

they should add a LOTTERY option!

for a "little bit more" - you get the gold plus they enter you in the super mondo gold bar lottery....

 
At 9/25/2011 4:38 PM, Blogger Benjamin said...

Man, oh man, let's counterfeit some yuan, go to this machine, get the gold, and on the first flight to Bangkok baby.

 
At 9/25/2011 9:25 PM, Blogger sethstorm said...

This comment has been removed by the author.

 
At 9/25/2011 9:25 PM, Blogger sethstorm said...

That's one thing that China can't counterfeit. They can only lessen its purity.

 
At 9/26/2011 9:55 AM, Blogger Eric H said...

Sure they do. Look into gold-plated tungsten.

I wish there was one of these for silver. Can't seem to find actual physical metal at the new low spot price for some reason...

 
At 9/26/2011 2:01 PM, Blogger sethstorm said...


Sure they do. Look into gold-plated tungsten.

Again, lessened purity - as there is gold plating. I'm quite aware of "gold" bars that are actually tungsten underneath.

What I was meaning is that they cant chemically create gold.

 
At 9/27/2011 4:16 PM, Blogger Eric H said...

In that case, they could just use the existing gold ETFs.

No actual gold required for those either.

 

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