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The machine is a joint collaboration between the Beijing Agricultural Commercial Bank and a gold trading company, and will allow customers to withdraw gold bars or coins of various weights based on the prevailing market prices.
Patrons of the machine must either insert or use a bankcard to withdraw the gold, with each withdrawal capped at 2.5 kilograms or one million yuan (US$160,000).
The Beijing Agricultural Commercial Bank hopes to expand the number of locations for the machine in China to other secure locations such as gold shops and upmarket private clubs.
The first vending machine on Wangfujing Street was made by German firm TG Gold Super Market, and will offer wealthy Chinese an attractive investment opportunity, especially after the Chinese government’s recent measures to discourage real estate investment and speculation to cool down property prices.
As the world’s second largest bullion consumer, the Chinese government is actively encouraging its citizens to purchase more gold in order to hedge against inflation.
In a documentary that aired recently on the Canadian Broadcasting Corporation's popular The Fifth Estate program, an allegory of Vladimir Putin was presented. The wily Russian president was described growing up in a shabby St. Petersburg apartment, where he would often corner rats. Now, punished by low oil prices and Western sanctions against Russian incursions in Ukraine/ Crimea, Putin is himself the cornered rat. Many wonder, and fear, what he will do if conditions in Russia become increasingly desperate. Read more
Joseph E. Stiglitz,
Isam al Khafaji,
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