Cash For Gold Prices Launches and Promises to Shake up the Scrap Gold Market

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Cash for Gold Prices is a new entrant into the scrap gold market place and promises to shake up the competition.

Cash for gold prices has launched a new website offering information, advice and a cash for gold service for customers in the UK. They are seeking to gain significant market share quickly by offering a straight forward and totally transparent service for customers who are looking to get the best scrap gold prices. By offering a quick and straightforward service the management team are hoping to capitalise on the recent strength on the global gold price and gain significant market share over their competitors. Recent publicity by the media in relation to the gold market means that there is no better time to launch a customer focused service. The site will offer a mixture of information, impartial advice, and also the chance for customers to sell their scrap gold. The management team have a long background within the jewellery and precious metals industry and can offer the selling public a great price, together with an unrivalled customer experience.

The market for this type of business looks very promising. The cash for gold market has experienced strong growth within the last 5 years. The total amount of scrap gold that was reprocessed into higher grade material was over 120 tonnes last year. This is up form a figure of 4 tonnes 5 years ago. Two factors are primarily responsible for this rise; the global price of gold and the deterioration in the economic prospects of major Western economies. A combination of little or no growth in major western economies, monetary easing by central banks in order to stimulate growth and low output form gold mines in the last number of years means that the scrap gold price can only go up in the near future. With the on-going recession it is clear from the market research the team has conducted that more and more people are selling their scrap and unwanted gold for cash. Furthermore, this also has the benefit to the sellers of avoiding payday lenders and falling into the trap of debt.

As in any new marketplace, and the cash for gold industry is very new and was practically unheard of before 2008 and the collapse of Lehman Brothers. There has been a large number of new players entering the market in recent years. Although, as media coverage has shown, many of these new players have been taking a very short term view and attempting to extract the maximum amount of profit from each customer as possible. A report by the Office of Fair Trading in London recently suggested that there are a small minority of players in the market who are seeking to profiteer from customers selling their gold. Tactics include; pressure selling to make sure the customer accept the price quote to them and confusing pricing strategies designed to confuse customers and so make accept the offer put to them. is looking to establish its business within the ever expanding cash for gold marketplace. With experience within the scrap gold refining and retail jewellery sector the team are will placed the capitalise on the need in the market place for a straightforward and honest player offering great prices.

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Dr M Mansoor Siddique
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