Reports say that due to the rising prices of gold, long queues of people can be seen outside the Gold ATM. There is so much demand for this machine that people have to book slots to use it.
Gold ATM: Now a gold ATM has come which not only gives you money instantly but also checks its purity within minutes by melting the gold. This gold ATM installed in China is not only attracting the attention of the people of Shanghai but it is also being discussed a lot all over the world. The special thing about this gold ATM is that it weighs the gold after melting it and checking its purity. After this, after thirty minutes, it sends the money directly to the bank account.
This gold ATM is being run by China’s Kingshood Group, which accepts weight above 3 grams, which has at least 50 percent purity. For this, no paper work is required in the ATM nor any ID.
Long queues outside the gold ATM
Reports said that due to the rising prices of gold, long queues of people can be seen outside this gold ATM. There is so much demand for this machine that people have to book slots to use it. The report further states that all the appointments for this gold machine are booked till the month of May, which shows how much demand it has among the people.
According to a report by China Times.com, during a demonstration, 40 grams of gold was valued at 785 Yuan (about 9200 rupees) per gram. About 36,000 Yuan (4.2 lakh rupees) was sent to the seller’s account within half an hour. Harsh Goenka of RPG Enterprises wrote on social media –
ATM Gold in Shanghai: Insert your jewellery, it will check its purity, melt it, estimate its value and the money will be deposited in your account immediately.” He said that this gold ATM can prove to be a big threat to the lenders in India. Goenka said – If it comes to India, a new business model will develop in place of the traditional gold business, in which there will be transparency and exploitation will end.
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