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Investors Choosing NewPlat ETF Over Mining Companies
Jul. 25, 2013 10:31AM PST
Precious Metals InvestingReuters 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.
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.