Scrap company hopes to eliminate poor deals as it offers 90% of value.
The days of dodgy cash for gold prices could be nearing an end as scrap company Gold-Traders launches an online gold price calculator.
Gold-Traders, which promises to give consumers 90 percent of gold’s true value, has setup a calculator on its website, gold-traders.co.uk, that allows consumers looking to sell gold for scrap calculate how much they could make. The calculator is set by the London Bullion Market Association and updated twice daily.
Gold-Traders chief executive Phil Williams said that the easy access to such a tool could help to eliminate some of the poorer deals offered up to consumers. Gold-Traders has accused some cash-for-gold companies of offering as low as 20 percent of the gold’s value to consumers with gold to scrap, despite advertising slogans such as “top prices paid”.
Williams said: "Many of these companies have high overheads, which mean they offer poor payouts. Any price offered that’s 60 percent or less of your gold’s real value is a pretty poor deal, and reputable companies will pay much more. Now our real value calculator lets individuals check the price they’re offered against their gold’s real value, so they can decide whether to accept or decline."