NewPlat ETF Holdings Rise Above 500,000 Ounces

Reuters reported that after launching 10 weeks ago, holdings of Absa Capital’s NewPlat exchange-traded fund (ETF) have risen to 503,613 ounces of platinum.

As quoted in the market news:

The fund, launched on April 26, has seen strong interest despite a relatively poor performance in the spot platinum price , which is down 13 percent this year, with investors opting for physical exposure to the metal rather than miners.

The metal has performed better in South African rand terms, rising 2.3 percent this year. Analysts say South African investors are confident prices will climb further given months of labour unrest in the South African mining sector.

“This is indicative of the very healthy appetite for physical investment in platinum group metals that exists in South Africa,” Mitsubishi analyst Jonathan Butler said.

Click here to read the full Reuters report.