Speedycash4gold launches a new gold price calculator using quantitative analytics

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Speedycash4gold develops new technology in order to give customers the most accurate figures for their scrap gold

The UK has experienced a new age gold rush. Instead of people rushing to the hills to mine gold out of the ground they have found the metal much closer to home. According to a recent survey by a large chain of pawnbrokers, the average household in the UK has nearly 30 grams of broken and unwanted gold items. These items of jewellery hold no significant sentimental value. Gold has been sold and reprocessed on a truly massive scale.

In the UK 4.5 tonnes of scrap gold was reprocessed into bullion bars or gold for industrial purposes. According to a recent report in the Financial Times of London over 110 tonnes of scrap gold was reprocessed. As in any gold rush, there are winners and losers and the postal gold industry has attracted a reputation, some would say unfounded, for sharp business practices and opaque pricing.

Speedycash4gold has tried to address this issue within the industry with a number of initiatives aimed at delivering transparent and straightforward business practices to the postal gold market.

This awareness to create a more open and transparent business model within the postal gold industry fits into a larger strategy within the firm. Creating a transparent pricing model would be a good first step in changing consumer attitudes towards the industry.

For Customers who continuously ask "How to I Sell my Gold?" Speedycash4gold has driven forward the initiative to create a very accurate calculator that will give customers highly accurate prices. Given the large number of variables needed in order to give an accurate price meant the team needed to use quantitative analytics. More commonly found on the trading floor of large investment banks and used to price highly complex financial products.

In the past a trained gold expert would be need to value each item. Now the propriety algorithms do the valuation cutting out the human input. The management team at speedycash4gold hope the investment into this technology will allow the company to reap financial dividends in a very fast changing industry.

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Dr M Mansoor Siddique
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