(CNN) – Now rich China can obtain up to 2.5 kg of gold through vending machines in the town of clubs, high-end and private banks, State media reported.
Machines made his debut in a commercial district of Beijing on Sunday, according to AFP. Maximum withdrawal limit is set at 1 million Yuan, or about $157 000 worth of gold. Money cash or credit card accepted.
Machines, manufactured by TG-gold-Super - Markt in Germany .de, first made his debut in Europe in 2009 and late 2010 arrived at the United States.
Since the credit crisis, the value of gold has soared as an investment haven choice, sales for a little over $ 500 an ounce in 2007 to ridges recently near record $ 1,900 per ounce in August.
However, the time where the new ATMs of new rich in China could to be better. These days, gold prices fell, dropping $100 Friday only - the steepest decline since 1980.
Why the drop? Fears of the global economic downturn raises the spectre of deflation. "People are quick to understand that gold is very evil in a deflationary environment," Keith Springer, President of financial advisors Springer, told CNNMoney.
Was trading Monday, but at $1 659 per ounce.
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