China Launches First Gold-Dispensing Vending Machine

Gold vending machine, China


Thought those vending machines that dispense iPods were cool? Well, China has just upped the ante.The country has unveiled the first gold vending machine in a busy shopping district in Beijing.

Shoppers in the ultra-luxurious Wangfujing Street can insert cash or use a bank card to withdraw gold bars or coins of various weights based on market prices.

Each withdrawal is capped at 2.5 kilograms (5.5 pounds) or one million yuan (about $156,500) worth of gold. The machine was launched Saturday by the Beijing Agricultural Commercial Bank and a gold trading company.

They plan to install an unspecified number of machines in secure locations such as gold shops and upmarket private clubs.

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