South African Strikes Push Platinum ETF Holdings to Record High

Reuters reported Tuesday that platinum holdings in physically backed exchange-traded funds (ETFs) have risen to a record high and are set to rise further. The gains came on the back of the strikes currently taking place in South Africa.

As quoted in the market news:

The world’s largest platinum-backed ETF, NewPlat ETF reported an inflow of around 4,000 ounces on Monday, taking its holdings to a near seven-week high at 908,811 ounces.

On the same day, London-based ETFS Physical Platinum reported an inflow of 4,505 ounces, taking its holdings to just under 325,000 ounces.

Platinum ETFs, popular investment vehicles which issue securities backed by physical metal, now hold a record 2.215 million ounces, equivalent to around seven months of supply.

Click here to read the full Reuters report.