from ZeroHedge:
With Chinese traders continuing to send physical gold premiums higher, a new ‘ATM’ has been spotted in Shanghai that accepts physical gold, melts it down, determines its purity and weight, and then sends funds to one’s bank account within 30 minutes.
The machine, made by China’s Kinghood Group, will accept any gold items weighing over three grams and at least 50% purity, and will process it and transfer the equivalent value straight into the seller’s bank account within 30 minutes, according to India Today, which notes that “No paperwork or ID is needed.”
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🇨🇳 LATEST: China unveils gold-to-cash ATMs that melt jewelry, verify purity, and transfer funds to bank accounts, all in just 30 minutes. pic.twitter.com/mln1cC18O3
— Cointelegraph (@Cointelegraph) April 21, 2025
Thanks to rising gold prices, people are lining up to cash in their old jewellery, reports mention. The demand is so high that users now need to book a slot to use the machine. Reports say all appointments are booked till May, reflecting its strong demand, as per Chinatimes.com.
In one demonstration, a 40-gram gold chain fetched 785 yuan (around Rs 9,200) per gram. The total payout? Over 36,000 yuan, or Rs 4.2 lakh, credited to the seller’s account in half an hour, according to the publication.
