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NEWS > BUSINESS >CHINA BANKING ON NEW GOLD VENDING MACHINES
CHINA BANKING ON NEW GOLD VENDING MACHINES
September 28 2011
Beijing, China – The economic issues of the last three years hasn’t really been all that good for anyone. Jobs have been lost, houses have been foreclosed upon, lives and marriages have been ruined. The last three years have been tough all over, but for some, a lucky few, things haven’t been all that terrible. A little rough perhaps, but not devastating.
Most of those people live in China.
With the second largest economy in the world, one that has continued to grow as others have shrunk, there really doesn’t seem to be any stopping China’s ascension to global power. There are a lot of factors creating that rise but the biggest one is just the sheer volume of liquid cash the country has, and no real debt. In fact, the country has become so wealthy in recent years that even regular people are starting to feel the impact in the form of gold vending machines which have been popping up all over the country, a sight that certainly doesn’t sit well with many Americans.
“We are very pleased to have these gold vending machines and we welcome all shoppers to use them. This is a new way for people to pay and to shop and we welcome that,” said a spokesperson for the Beijing Agricultural Commercial Bank. “Currently we only have these machines in a few areas, but soon we will allow them in other areas as well. One day we hope to have these machines in every city in the country.”
The vending machines dispense gold coins to a maximum value of one million Yuan, about $156,000 USD. The machines accept cash and credit cards.
It’s not clear how many machines exist in the country. Similar machines have appeared in various western nations including the United States, but are very disused.
The company plans to expand its offerings in exclusive locations, likely not moving into more rural areas where people often only have rocks and sticks to exchange for goods. The vending machines are not equipped to handle such currency.
“These types of vending machines aren’t really new but they were for the most part in rich western nations. Gold has become a major part of the Chinese identity of late and the appearance of these machines really does show a lack of faith in paper currency, and that is not a good thing,” said Scrape TV Economic analyst Michael Santino. “Much of the world depends on paper currency and if the fastest growing economy does indeed ditch it, we could all be in trouble economically. These machines are as sign that may be happening.”
There is no reason to assume that the vending machines are as sign of anything significant. Other types of vending machines have been present in China for a number of years.
“I’m sure the sight of these things will scare a lot of people in the States but it really doesn’t matter all that much itself. What matters is what they suggest, that gold is quickly becoming the new standard, not the dollar, and that isn’t good news,” continued Santino. “If they become popular that is a sign that there is even more instability in the market and that doesn’t help things. No one wants that, well the bank behind it does, but lots of other people don’t want that. I don’t know, maybe it doesn’t matter.”
Coke has recently introduced new machines into the country which will accept gold bullion.
William Ashford, Business Correspondent
NEWS > BUSINESS >CHINA BANKING ON NEW GOLD VENDING MACHINES
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