ETF Securities said on Monday its holdings of gold and platinum rose to record highs in the week to June 29, while its palladium holdings increased 11 percent. The fund, which issues exchange-traded securities backed by stocks of precious metals, said the amount of metal held for its physical gold ETF
Holdings for its physical platinum ETF
Its physical palladium ETF
Holdings in its physical silver ETF
ETF Securities head of sales Hector McNeil said the securities were seeing good buying interest from a range of investors, including equity funds, emerging markets funds and metals and mining funds.
What we are seeing with the precious metals are both structural market influences such as dollar weakness, and interest (in the metals) as a proxy for emerging market investments, he said.
While gold is still taking support largely from external factors such as dollar weakness and fears over rising inflation, platinum and palladium are also being boosted by strong underlying fundamentals, he said.
We are still seeing electricity problems in South Africa, while demand is still strong, he said.
(Reporting by Jan Harvey; editing by Peter Blackburn)
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