• A groundbreaking “gold ATM” in Shanghai allows customers to instantly convert gold items into cash, attracting long lines due to soaring gold prices. The machine melts, tests and appraises gold, depositing funds into users’ accounts within 30 minutes.
• Developed by Kinghood Group, the machine accepts gold items (minimum 3g, 50 percent purity) and charges a small fee (18 yuan per gram). A 40g necklace fetched over 36,000 yuan in a demo.
• The system supports mobile registration in 200+ countries and multi-currency payments in half of them. Kinghood plans to install 100+ ATMs in Shanghai, adding to existing machines in Beijing, Guangzhou, Shenzhen and Hong Kong.
• The ATM’s speed and transparency contrast with traditional gold buyers, pressuring pawnshops and lenders. Industry experts, like India’s Harsh Goenka, see it as a transformative shift in gold trading.
• Rising gold prices, fueled by economic uncertainty and central bank demand, are spurring sales. While experts warn against hasty selling, the ATM’s convenience reflects a trend of merging traditional assets with modern fintech solutions.

As gold prices surge to historic highs, a groundbreaking “gold ATM” in the city of Shanghai in China is turning heirlooms into instant cash. The machine has drawn long lines of customers eager to capitalize on the yellow metal’s soaring value.

Developed by Shenzhen-based Kinghood Group, the machine located in the Global Harbor shopping mall quickly melts, tests and assesses gold items. Proceeds from the gold deposited in the machine are credited directly into users’ bank accounts within 30 minutes, all without the need for paperwork.

The machine, part of Kinghood’s Smart Gold Store initiative, accepts items weighing at least three grams with 50 percent purity, charging a modest service fee of 18 Chinese yuan ($2.46) per gram. In one demonstration, a 40 g necklace fetched 36,000 yuan ($4,923.22).

The gold ATM’s high appraisal and quick payout offers a stark contrast to slower, less transparent traditional gold buyers. With demand so high that slots are booked through May, the technology is reshaping traditional gold trading while raising questions about the future of pawnshops and small-scale gold lenders.

According to Kinghood, the gold ATM system supports mobile phone registration in more than 200 countries. It also supports multi-currency payments in at least half of those nations, and real-time price docking with global trading markets for the precious metal.

Gold to cash at the push of a button

Xie Chengcheng, operations manager for Kinghood’s Shanghai region, said the firm plans to expand – with plans to install over 100 gold ATMs across the eastern Chinese city. Other cities, such as the capital Beijing, Guangzhou, Shenzhen and the Hong Kong special administrative region, already have these machines, the manager added. (Related: Return to real money: China to install more than 2,000 gold ATMs.)

Harsh Goenka, chairman of India’s RPG enterprises, noted that the gold ATM could upend conventional gold lending. “Transparency in, exploitation out,” he wrote in a post on X. Meanwhile, local gold merchants in Shanghai report declining business, unable to compete with the ATM’s efficiency or pricing.

Gold has long been a store of wealth in China, with older generations often hoarding jewelry as both adornment and emergency savings. Yet the precious metal’s recent price rally – bolstered by central bank buying and economic uncertainty – has spurred a rush to sell.

Xu Weixin of the Shanghai Gold Association cautioned against hasty sales, citing strong upward momentum, but the ATM’s convenience is proving irresistible. For now, its success underscores a broader shift: blending ancient assets with cutting-edge tech to meet modern financial needs. As gold continues its meteoric rise, Shanghai’s ATMs offer a glimpse into how tradition and innovation can collide, transforming pocket change into profit at the press of a button.

Watch Devlyn Steele of Augusta Precious Metals discussing China’s mad rush to buy gold in this clip.

This video is from the Alt Invest Media channel on Brighteon.com.

More related stories:

China STOCKPILING gold as Chinese investors and consumers remain cautious of real estate and stocks.

China resumes gold purchases, sparking market rally and shaping global gold dynamics.

China loads up on gold reserves with recent “mystery” purchase of 300 TONS.

Sources include:

ZeroHedge.com

MSN.com

Mining.com

Brighteon.com