Last Updated :
20 June 2009 at 14:15 IST
ETF Securities’ palladium holding shoots up
Commodity Online
LONDON: Palladium has found a new surge in the recent days and ETF Securities has announced that the quantity of metal it holds to back its ETFS Physical Palladium exchange-traded commodity (PHPD.L) has gone up to 3,000 ounces or 1 per cent to a new record on June 18.
The ETC now holds 315,572 ounces of palladium, against 312,542 ounces on Wednesday. Its holdings are up 10,000 ounces or 3.3 per cent week-on-week.
ETCs issue securities backed by physical stocks of a given commodity. Buying precious metals to back ETCs and similar products has formed a major plank of demand in recent years.
According to news agency reports and websites, the rise in the company’s palladium ETC comes in the wake of hefty inflows into its ETFS Physical Platinum (PHPT.L) product. The ETC’s holdings have climbed 16 percent or more than 46,000 ounces in the last two weeks.
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