Absa Capital Gathers Palladium to Back New ETF

Mar. 25, 2014 10:07AM PST

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.’

Click here to read the full Reuters report.