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Reuters reported that the NewGold Platinum exchange-traded fund (ETF) now accounts for about 20 percent of the world’s total platinum ETF holdings with 375,802 ounces. The fund has only been around since April 26.
Reuters reported that the NewGold Platinum exchange-traded fund (ETF) now accounts for about 20 percent of the world’s total platinum ETF holdings with 375,802 ounces. The fund has only been around since April 26.
As quoted in the market news:
[Platinum p]rices are expected to benefit this year from threats to South African supply, source of three out of four ounces of the world’s platinum. South African platinum output fell 16 percent last year as a wave of industrial action hit mining companies.
New York’s ETFS Physical Platinum Shares, which is operated by a unit of London’s ETF Securities, remains the largest single platinum-backed ETF, with holdings of 621,925 ounces of metal as of June 12.
Its holdings have also risen by more than 120,000 ounces this year, a further indication of the strength of investment interest in platinum.