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Gold hits highest quarterly sale in 2010, 2011. India China leading consumers. China get gold ATMs. United States, Germany, Italy and the United Arab Emirates already have them.

The world too is seeking more monetary security in gold, buying 919.8 tonnes of the shiny metal worth $44.5 billion in the second quarter of 2011. It was the second-highest ever quarterly value recorded, says the latest World Gold Council's Gold Demand Trends (GDT) report released in August. It was fractionally below a record $44.7 billion in the last quarter of 2010

On September 25, China joined the United States, Germany, Italy and the United Arab Emirates, in having ATMs that dispense bullion and gold coins. In Beijing's 800-year old Wangfujing shopping district, buyers can now use bank cards and cash to induce the machine to pop out certified gold. 

A scanner attached to the ATM recognizes the two-dimensional bar code in each gold bar or coin dispensed. The scarlet and yellow ATM with a touch screen dispenses gold bars and coins of various weights. Prices are based on current market rates and updated every 10 minutes. 

Each withdrawal at the Wangfujing ATM is capped at 2.5 kilograms of gold, worth about $156,500. The gold ATM will have no shortage of audience - each day, over a million people visit this 1.5 kilometer stretch from East Changan Street to the China Art Museum.

The world too is seeking more monetary security in gold, buying 919.8 tonnes of the shiny metal worth $44.5 billion in the second quarter of 2011. It was the second-highest ever quarterly value recorded, says the latest World Gold Council's Gold Demand Trends (GDT) report released in August. It was fractionally below a record $44.7 billion in the last quarter of 2010.


Read full at: http://www.atimes.com/atimes/South_Asia/MJ06Df01.html
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