New Gold ATM For Scrap

[pepperj]

China unveils world's first Gold ATM that melts, tests, and converts gold into instant bank transfers.


China's Gold ATM, introduced in Shanghai and Suzhou, melts gold items over 3 grams with 50% purity, tests them using a spectrometer, and converts the value into instant bank transfers within 30 minutes, reflecting a push to make gold a liquid asset amid soaring prices at $3,400 per ounce.

This innovation by Shenzhen-based Kinghood Group, already in 100 cities, aligns with China's de-dollarization strategy, reducing reliance on the U.S. dollar by promoting asset-backed transactions, as seen in their increased gold reserves and reduced U.S. Treasury holdings since 2014.

 

[ncsuwolf]

Yeah….what could go wrong there? Drop a 1kg bar of 20k in there, the receipt says you deposited a small 10k earring. Too late…..it’s melted.

 

[pepperj]

Yeah….what could go wrong there? Drop a 1kg bar of 20k in there, the receipt says you deposited a small 10k earring. Too late…..it’s melted.

Clarification of post.
1 KG of gold worth 20K or 20K as in purity?
1000 grams =

Now if the purity was 20K the same calculation would be this result.

 

[ncsuwolf]

Clarification of post.
1 KG of gold worth 20K or 20K as in purity?
1000 grams =
View attachment 2204781

Now if the purity was 20K the same calculation would be this result.

View attachment 2204782

I was referring to purity. Point I was making is after you drop it into the machine, and it gets melted, not much recourse if you disagree with weight or purity