(PRWEB) July 17, 2012
In the UK the scrap gold market has exploded, volumes and gold prices have massively increased in the past five years. The total amount of gold that has been reprocessed into gold bullion was 70 tonnes last year up from 4.5 tonnes in 2005. Prices have also increased which in turn drives the total volumes, prices last year averaged £1005. As volumes and prices have exploded the industry has gained a reputation for short changing customers, typically only receiving 55% to 75% of the total value of the scrap gold. Transforming the pricing of gold from opaque to transparent has become a key initiative within more progressive organisations working within the gold market.
This new-found awareness to increase transparency, fits into a broader strategy from a major player in the market speedycash4gold.com. Having started out with an ambition to change the way the scrap gold market operates by creating a more transparent pricing tool. The strategy is to give customers as much information as possible thus allowing them the opportunity to make informed decisions. He further states, “By empowering customers to make the right decisions is the only way we will gain market share.”
The technology team at speedycash4gold have created an innovative new concept for the market by developing a gold calculator using quantitative analytics. They are totally confident that customers will receive a totally accurate figure, just by giving a few details such as weight and carat or their items. The calculator will run the numbers using a variety of proprietary algorithms to value the gold and produce an accurate price for the customer. Marcus Oxley and the team are confident the price will be the one offered to the customer after the in house valuation team have valued the item. Previously a highly experienced gold valuer would be needed to value each item by running a number of destructive and non-destructive tests. With the algorithms now conducting the valuation the human aspect of the process takes a back seat and only confirms randomly selected items. The team have a number of patents pending and issued in the UK, Europe and Asia, they suggest that this new addition to their website will be a game changer in a fast expanding industry