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Reuters reported that Absa Capital, which plans to launch a palladium-backed exchange-traded fund (ETF) on Thursday, has already gathered 8,600 ounces of the metal to back its shares.
Reuters reported that Absa Capital, which plans to launch a palladium-backed exchange-traded fund (ETF) on Thursday, has already gathered 8,600 ounces of the metal to back its shares.
As quoted in the market news:
In an interview with the Reuters Global Gold Forum, Vladimir Nedeljkovic said that as the fund is open-ended, Absa has had to source enough metal to back any security in issue.
‘We have already received pre-listing demand for about 8,600 ounces,’ he said. ‘This is just to start the fund. We shall see what the demand is on the first day.’