Gold ATM machine activated in China, 2,000 more to be installed
(NaturalNews) The return to real money is making swift gains as public distrust and uncertainty about the viability of fiat currencies continues to grow. And according to a recent report in Digital Journal, some countries, including China, are actually installing automated teller machines (ATM) that dispense gold bullion rather than paper currency.
Since 2000, the price of gold in terms of US fiat currency (Federal Reserve Notes) has jumped nearly 800 percent as a result of inflation and the continued decline of the dollar. In response to this and the perpetual decline and instability of fiat currencies in general, the Chinese metropolis of Beijing has installed its first gold ATM in a shopping mall. And more than 2,000 gold ATMs are set to be installed elsewhere throughout the country, which will allow residents to easily exchange their cash for the precious metal.
"The people in Asia have a unique taste for gold, especially in China and India, and the channels of investment in China are way too narrow right now," said Zheng Ruixiang, president of Gongmei, to China Daily concerning the plan. "To put residents cash deposits into gold deposits can reduce cash flow and reduce pressure on commodity prices."
For the past several years, the Chinese government has been encouraging its citizens to exchange their yuan for gold and silver in order to protect their wealth against inflation and an unraveling world economy. After all, the failing US dollar is still the world's international reserve currency (IRC), and China currently holds the largest share of US debt of all the countries in the world.
Meanwhile, one journalist from Canada recently maligned gold claiming that it, rather than fiat currency, is backed by nothing. In case you missed it, check out the hilarious and disturbing video clip of the recent incident here:
http://www.naturalnews.com/033740_g...
Gold ATMs are popping up in many other countries besides China as well, including in both Germany and the US. The machines maintain a constant feed of gold's market value in terms of a nation's currency, and adjust prices for customers accordingly.
The US dollar can not, and will not, last forever. And neither will any other fiat currency that is backed by nothing. This is why many liberty-minded folks around the world have been encouraging others to preserve their wealth by investing in gold and silver.
Sources for this article include:
http://www.digitaljournal.com/artic...
By Andrew Moran.
Beijing
China is one of the world's largest producers and purchasers of precious metals, especially gold and silver. Beijing has now unveiled its first gold ATM machine in a shopping district. More than 2,000 will be installed in the next two years.
China is one of the world's largest producers and purchasers of precious metals, especially gold and silver. Beijing has now unveiled its first gold ATM machine in a shopping district. More than 2,000 will be installed in the next two years.
Since the beginning of the global economic meltdown, China has been purchasing and producing commodities at a rapid pace. Digital Journal has reported in the past that its central bank has bought gold bullion and state-television outlets have even urged citizens to acquire silver bullion.
Digital Journal has also reported of gold ATM machines being installed in Germany and the United States. Now, China has unveiled its first gold ATM machine in Beijing’s shopping district of Wangfujing Street.
Although it was opened for business on Sunday, it was shut down a few hours later because it was not producing receipts for customers. Operations manager of Gongmei Gold Trading said the technical issues were being repaired, but did not note when the machine will be up and running again.
The machine, built by Germany's Ex Oriente Lux AG, allows customers to purchase one million yuan ($157,000) worth of gold bars and coins in various sizes at regular up-to-date market prices. Gold can be purchased by cash or credit card.
“The people in Asia have a unique taste for gold, especially in China and India, and the channels of investment in China are way too narrow right now,” said Zheng Ruixiang, Gongmei president, in an interview with China Daily. “To puts residents’ cash deposits into gold deposits can reduce cash flow and reduce pressure on commodity prices.”
Chinese officials are planning to install more than 2,000 more machines over the course of the next two years. They will be placed in secure locations, such as private clubs, financial institutions and gold stores.
Since 2000, gold has risen astronomically from $250 per ounce to as high as $1,900. A report from the World Gold Council suggested that China acquired more gold than India.
Digital Journal has also reported of gold ATM machines being installed in Germany and the United States. Now, China has unveiled its first gold ATM machine in Beijing’s shopping district of Wangfujing Street.
Although it was opened for business on Sunday, it was shut down a few hours later because it was not producing receipts for customers. Operations manager of Gongmei Gold Trading said the technical issues were being repaired, but did not note when the machine will be up and running again.
The machine, built by Germany's Ex Oriente Lux AG, allows customers to purchase one million yuan ($157,000) worth of gold bars and coins in various sizes at regular up-to-date market prices. Gold can be purchased by cash or credit card.
“The people in Asia have a unique taste for gold, especially in China and India, and the channels of investment in China are way too narrow right now,” said Zheng Ruixiang, Gongmei president, in an interview with China Daily. “To puts residents’ cash deposits into gold deposits can reduce cash flow and reduce pressure on commodity prices.”
Chinese officials are planning to install more than 2,000 more machines over the course of the next two years. They will be placed in secure locations, such as private clubs, financial institutions and gold stores.
Since 2000, gold has risen astronomically from $250 per ounce to as high as $1,900. A report from the World Gold Council suggested that China acquired more gold than India.
Return to real money: China to install more than 2,000 gold ATMs
(NaturalNews) The return to real money is making swift gains as public distrust and uncertainty about the viability of fiat currencies continues to grow. And according to a recent report in Digital Journal, some countries, including China, are actually installing automated teller machines (ATM) that dispense gold bullion rather than paper currency.
Since 2000, the price of gold in terms of US fiat currency (Federal Reserve Notes) has jumped nearly 800 percent as a result of inflation and the continued decline of the dollar. In response to this and the perpetual decline and instability of fiat currencies in general, the Chinese metropolis of Beijing has installed its first gold ATM in a shopping mall. And more than 2,000 gold ATMs are set to be installed elsewhere throughout the country, which will allow residents to easily exchange their cash for the precious metal.
"The people in Asia have a unique taste for gold, especially in China and India, and the channels of investment in China are way too narrow right now," said Zheng Ruixiang, president of Gongmei, to China Daily concerning the plan. "To put residents cash deposits into gold deposits can reduce cash flow and reduce pressure on commodity prices."
For the past several years, the Chinese government has been encouraging its citizens to exchange their yuan for gold and silver in order to protect their wealth against inflation and an unraveling world economy. After all, the failing US dollar is still the world's international reserve currency (IRC), and China currently holds the largest share of US debt of all the countries in the world.
Meanwhile, one journalist from Canada recently maligned gold claiming that it, rather than fiat currency, is backed by nothing. In case you missed it, check out the hilarious and disturbing video clip of the recent incident here:
http://www.naturalnews.com/033740_g...
Gold ATMs are popping up in many other countries besides China as well, including in both Germany and the US. The machines maintain a constant feed of gold's market value in terms of a nation's currency, and adjust prices for customers accordingly.
The US dollar can not, and will not, last forever. And neither will any other fiat currency that is backed by nothing. This is why many liberty-minded folks around the world have been encouraging others to preserve their wealth by investing in gold and silver.
Sources for this article include:
http://www.digitaljournal.com/artic...
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