Goldex first to adopt global standards for gold trading

Award-winning Goldex first retail platform to adopt new global standards for gold trading

The award-winning gold trading marketplace, Goldex, has become the first gold retail platform in the world to adopt a new initiative from the World Gold Council.

The Retail Gold Investment Principles (RGIP) were recently launched by the World Gold Council in order to raise the bar for product providers across the global gold market and encourage individual retail investors to place their trust in gold, creating value and driving demand across the industry.

Gold prices have continued to soar this year, reaching an all-time high and an increase of over 600% over the last 20 years. An average of more than $30 billion of gold has been traded every day in the UK alone in 2020*.

Goldex is an award-winning global gold marketplace which uses smart trading technology to allow customers to easily invest in physical gold via its free mobile application. Its smart trading technology allows over 1,000 orders per second to be processed while enabling customers to get the best gold price any time they buy or sell gold, whether trading £100 or £100,000.

Sylvia Carrasco, CEO of Goldex, said: “We are absolutely delighted to demonstrate our support for this very important new initiative from the World Gold Council which is the culmination of extensive consultation with the global gold industry.

Not only do these principles help customers identify the best providers and increase their confidence when investing in gold, they represent the very essence of our business here at Goldex, namely the provision of a transparent, secure, ethical and safe marketplace for investors at all levels.

We are very proud to be the first gold retail platform in the world in the world to fully incorporate the principles into our customer journey and help draw attention to their importance.”

David Tait, CEO, World Gold Council, has explained that the common objective of RGIP is to make certain that investors, especially those considering gold for the first time, have absolute trust in the products they are offered and the providers with whom they chose to transact.

“Through this industry engagement it was clear to us that the market would benefit from a globally aligned set of best practices in order to ensure an effective, efficient and trusted market overall,” he said.

Notes:

Goldex is an award-winning application for gold investors that provides the first global marketplace delivering instant and fair pricing for physical gold. Its technology enables seamless buying and selling of gold at the best prices 24 hours a day, 7 days a week whether trading £100 or £100,000 of gold. All gold bought through Goldex is legally owned by its investors, insured and safely stored in independent vaults. All gold bought through Goldex is responsibly sourced and approved by the London Bullion Market Association (LBMA). We only offer the highest purity, 999.5 investment-grade gold.

Goldex acts as a neutral price finder as the company does not own any gold inventory, and therefore never generates profits from price spreads. Instead, clients pay a simple transaction fee to get access to multiple providers via a single platform, with proprietary smart technology acting as an ethical price discovery mechanism. In addition to offering best consolidated prices, Goldex offers a full suite of trade recommendations, news and charts to help investors make better informed trading decisions. There’s no minimum investment and it’s free to download in the UK App Stores. For more information, visit the Goldex website or download the app here.

The World Gold Council is the market development organisation for the gold industry. Working within the investment, jewellery and technology sectors, as well as engaging in government affairs, their purpose is to provide industry leadership, whilst stimulating and sustaining demand for gold. Find out more at www.gold.org.

The World Gold Council developed the Retail Gold Investment Principles to raise the bar for product providers across the market and encourage retail investors to place their trust in gold. Experts from over 15 countries spanning all sectors of the retail gold investment market have provided valuable feedback on both the structure and terminology of the RGIPs.

The Principles cover:  1) Fairness and integrity, 2) Transparency, 3) Protection of client assets, 4) Responsible gold sourcing, 5) Regulatory compliance, 6) Commercial prudence, 7) Operational professionalism. They can be downloaded at: https://retailinvestment.gold/en/global/investment-principles

* The figure of an average of more than $30 billion of gold traded every day in the UK alone in 2020 is provided by the LBMA (http://www.lbma.org.uk/assets/downloads/clearing/Clearing%20and%20Vault%20Stats%2020200803.pdf)