China kicks off first gold vending machine, thousands to follow
Precious metal buyers are going to be on cloud nine when visiting China during the next several years, according to Mineweb.
Joining Italy, Germany, the U.S. and the United Arab Emirates, the Asian nation kicked off operations for its first gold vending machine earlier this month in Beijing. Originally placed in late September, the vending machine did not generate receipts but that glitch was repaired and the machine began operations during the National Day holiday, which was the first week of the month.
China has plans to place as many as 2,000 additional gold vending machines throughout the nation. They will be in cities' secure locations like private clubs, banks and noted buildings where customers can acquire gold bars or coins with either cash or a bank card.
Manufactured in Germany, the vending machines operated under the guidance of the Beijing Agricultural Commercial Bank and a German firm with specialties in the gold trade.
Gold's record price of $1,923.70 per troy ounce was set early last month. With less than three months remaining in 2011, the yellowish metal is likely to achieve an 11th consecutive year of annual gains.
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