Reuters reported that New Gold Platinum, Absa Capital’s physically backed South African platinum exchange-traded fund (ETF), is now the largest ETF of its kind. It launched just four months ago.
As quoted in the market news:
Holdings of the rand-denominated NewPlat ETF, as the fund is known, increased by nearly 12,000 ounces on Thursday to 579,198 ounces, Absa’s head of investments Vladimir Nedeljkovic said.
That puts its platinum reserves above those of the next largest platinum exchange-traded product, New York’s ETFS Physical Platinum, which holds 572,409 ounces of metal.