Leading exchange-traded commodities (ETC) firm ETF Securities confirmed on Monday (1st December) that holdings backing its Physical Platinum ETC PHPT.L rose by 23 per cent last week, Reuters reports.

The company revealed that the increase - which represents 31,450 oz - takes the ETC's total amount of platinum to 166,162 oz, in comparison to the 134,622 oz recorded on 21st November.

In addition, Head of Research and Investment Strategy Nicholas Brooks announced that holdings of its gold-backed ETC rose to 1.707 million ounces during the same period up to last Friday.

Meanwhile, Zurich Cantonal Bank (ZKB) confirmed today that the holdings of its platinum-backed ETC ZPLA.S increased by 27 per cent between late September and 1st December, according to Reuters.

The latest rise, which takes the amount of platinum from 83,000 to 105,200, also means that holdings in the ETC are up by 70 per cent from June 2008.

According to the firm's Head of Asset Allocation Erich Meier, the increase can be explained by a heightened desire among investors to secure hard assets amid the ongoing effects of the global economic downturn and worries over mine supply.

The bank also revealed that holdings of its ZPAL.S exchange-traded fund - which is backed by palladium - rose by 12 per cent from 475,000 oz during the same period.

Source:

ETF Securities Physical Platinum ETC holdings rise 23 pct (01/12/08)
http://uk.reuters.com/article/hotStocksNews/idUKL144052620081201

Zurich Cantonal Bank's platinum ETF holdings rise (04/12/08)
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSL246640120081204