Originally published at: NEWS AND VIEWS FROM THE NEFARIUM APRIL 24 2025
Podcast: Play in new window | Download (Duration: 13:44 — 18.8MB)Well, the whole idea of bullion-backed nothingness has hit new depths of duplicity in China: ‘ATM’ That Melts Gold Down, Sends Funds To Account Spotted In China
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The gold ATM is functionally a bit like a Pawn Shop without the fun camaraderie of interface with the Pawn Shop staff (sarc). These places prey on people in a tight spot, or just financially troubled in general who have (ahem) ‘come into’ something of value. I do buy from them from time to time. Much of what I see I suspect is pilfered from the elderly by ‘caregivers’ (hired, or relative), inherited family heirlooms turned into quick cash for a weekend fun fling or similar. Something tells me that between the ambiguity over precise weight, and purity, floating X% below spot buyer profit factors and ‘processing fees’, those dropping grandma’s heirloom jewelry in them are not going to get the best deal.
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