China’s wealthy now can get up to 2.5 kilograms of gold via ATMs in the city’s upscale clubs and private banks, state media reported.The machines made their debut in a Beijing shopping district on Sunday, according to AFP. Limit for maximum withdrawal is set at 1 million yuan, or about $157,000 worth of gold. Cash or credit card accepted.
The machines, manufactured by TG-Gold-Super-Markt.De in Germany, first debuted in Europe in 2009 and by late 2010 arrived in the U.S.
Since the credit crisis, the value of gold has skyrocketed as a safe haven investment choice, selling for just over $500 an ounce in 2007 to recently cresting near a record high of $1,900 per ounce in August.
However, the timing of the new ATMs for China’s nouveau riche could be better. In recent days gold prices have plummeted, dropping $100 on Friday alone – the steepest drop since 1980. more
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