Asian demand for physical gold and silver will soon end the paper futures shenanigans currently enjoyed by the cartel.
With plans to roll out 2,000 more throughout the country, the Beijing Agricultural Commercial Bank officially installed its first gold ATM during the Chinese National day holiday.
China has joined the United States, Germany, Italy and the United Arab Emirates, in hosting an ATM machine that dispenses bullion and gold coins. In Beijing's 800-year old Wangfujing shopping district, shoppers can use bank cards and cash to buy certified gold bars and coins.
China's first ATM dispensing gold bars and coins was switched on over the weekend of September 25, and then swiftly switched back off again. The equipment had to be shut down the same day because it was not producing receipts due to a small technical glitch, said an industry observer.
The German-imported gold vending machine was then officially installed during the Chinese National Day holidays, which fell in the first week of October.
Despite the initial hiccups, there are plans to roll out 2,000 more of the ATMs nationwide.At the ATM, the maximum limit for each withdrawal has been set at 2.5 kilo or one million yuan ($157) worth of gold.
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