Gold ATM: In a bold step towards financial innovation, China has launched a cutting-edge gold ATM in a bustling Shanghai shopping mall, offering users a remarkably efficient way to liquidate their precious metal assets. Developed by the Shenzhen-based Kinghood Group, this groundbreaking machine automates the typically cumbersome process of selling gold, providing a swift and straightforward experience. The ATM is designed to melt down gold items, meticulously verify their purity and exact weight, and then seamlessly transfer the corresponding monetary value directly into the user’s designated bank account – all within an impressive 30-minute timeframe and without the need for any traditional paperwork.
The introduction of this innovative ATM coincides with a significant surge in global gold prices, further amplifying its appeal and utility. As gold continues its upward trajectory, the machine has quickly become a sensation among shoppers and local residents alike. Individuals are now lining up to conveniently exchange their inherited jewelry, old gold pieces, and other gold-containing items for immediate cash. According to reports from Chinatimes.com, the initial demand has far exceeded expectations, with appointment slots for the service reportedly fully booked throughout the entire month of May.
The futuristic gold ATM has also captured international attention, gaining significant traction after prominent Turkish technology influencer Tansu Yegen shared a video of the machine in action on the social media platform X (formerly Twitter). Yegen lauded the invention as a “simple, fast, and powerful” solution, underscoring its user-friendliness and efficiency.
Chairman of RPG Group Harsh Goenka praised the concept of gold ATMs introduced in China’s Shanghai. In a post on X, Goenka wrote,” Drop your jewellery, it checks purity, melts it, calculates value, and credits your account instantly.If this comes to India, traditional gold lenders might need a new business model. Transparency in. Exploitation out.”
How the Gold ATM works
Accepts Gold Items: The machine processes gold items weighing over 3 grams, including jewelry, coins, and bullion.
Minimum Purity Required: Accepted gold must have a minimum purity of 50%.
Melting for Analysis: Gold items are melted at a high temperature of 1,200°C to prepare them for accurate analysis.
Advanced Purity and Weight Analysis: Sophisticated sensors are employed to precisely determine the purity and exact weight of the melted gold.
Real-Time Shanghai Pricing: The value of the gold is calculated using live, up-to-the-minute rates from the Shanghai Gold Exchange.
Direct Bank Transfer: The equivalent monetary value of the gold, based on the live exchange rate, is directly transferred to the user’s designated bank account.
Small Service Fee Deduction: A small service fee is deducted from the final payout amount.
Rapid Transaction Time: The entire process, from acceptance to bank transfer, is completed within a swift 30-minute timeframe.
Streamlined Process: The machine effectively melts the gold and automatically transfers the corresponding value based on its precise weight and current market price to the user’s bank account.
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