Platinum Rises on Speculation of Increased Demand From Metal-Backed Funds

(Bloomberg) -- Platinum rose amid speculation that
demand from exchange-traded funds for the metal used in auto-
catalysts and jewelry will be higher than expected.

Zuercher Kantonalbank, a state-controlled Swiss lender,
introduced funds, known as ETFs, for platinum, palladium and
silver earlier this month. The funds have investment equal to
25,000 ounces of platinum, and 133,000 ounces of palladium,
according to a report from HSBC Securities (USA) Inc.


Read more at Bloomberg Commodities News

ETF Securities platinum fund holds 11,942 ounces

(Reuters) - London-based ETF Securities Ltd. said on Tuesday its exchange-traded fund (ETF) based on physical platinum has attracted investment equal to 11,942 ounces of the metal since its launch on April 24.

Total investment in its five physically backed ETFs based on precious metals and listed in the UK, Germany, the Netherlands and France totalled $53.5 million, Nik Bienkowski, head of listings and research at the company, told Reuters.


Read more at Reuters Africa