The amount of metal ETF Securities holds to back its London platinum and palladium exchange-traded commodities rose by 2.4 percent and 4.4 percent respectively in the week to last Friday, the company said.
ETF Securities’ platinum-backed ETC (PHPT.L) holdings rose just more than 8,000 ounces to 347,596 ounces last week, it said, while those of its palladium-backed product (PHPD.L) increased around 11,000 ounces to 261,973 ounces.
Exchange-traded funds, which issue securities backed by physical stocks of a particular metal, have represented a major source of demand for precious metals in recent years.
Holdings of ETF Securities’ largest gold-backed product, Gold Bullion Securities (GBSx.L) edged down by 14,595 ounces or 0.3 percent. However, its Physical Gold ETC (PHAU.L) picked up an additional 29,377 ounces or 1.1 percent.
Overall, the holdings of its three gold-backed products, which also include a small Australian fund, inched up 0.2 percent or 18,413 ounces to 7.395 million ounces.
Holdings of the company’s silver-backed ETC (PHAG.L) were up 400,000 ounces or 2.3 percent week-on-week to 17.539 million ounces, it said.
