Platinum and palladium ETFs boost prices
The Zurich Cantonal Bank has announced a launch of platinum, palladium and silver ETFs from next month.
Author: Lawrence Williams
Posted: Monday , 16 Apr 2007
LONDON -
Last year, the platinum price surged to new highs on rumours of a forthcoming platinum ETF. In the event, this didn't happen and the price slipped back, although overall the market for the metal has remained strong.
Now, talk of a platinum ETF has become a reality with the Zurich Cantonal Bank announcing the launch not only of a platinum ETF, but also palladium and silver ETFs as well and prices reacted by strong moves upwards over the weekend and today before settling back a little in later trading.
The new ETFs will be quoted on the SWX Swiss Exchange from May 10th.
According to a Reuters report, John Reade, head of investment strategy at UBS Investment bank is quoted as saying "This launch, should it attract large-scale inflows, would have a material impact on the platinum market, and possibly on the palladium market," |
