Investors Choosing NewPlat ETF Over Mining Companies

Reuters reported that since launching three months ago, the New Gold Platinum exchange-traded fund (ETF) has brought in over half a million ounces — worth $780 million — of the precious metal.

As quoted in the market news:

The fund’s holdings currently total more than 543,000 ounces, a level it took the world’s largest platinum-backed ETF, New York-based ETFS Physical Platinum — which holds 611,847 ounces of metal — more than two years to achieve.

A great deal of investment in NewPlat, analysts say, has come from funds in South Africa choosing to seek exposure to platinum prices directly through the physical metal, effectively delivering a vote of no-confidence in South Africa’s beleaguered mining companies.

Click here to read the full Reuters report.