ETF Securities has announced plans to move into the platinum market by offering a platinum exchange-traded fund (ETF).

In an interview with Reuters, Nik Bienkowski, head of listings and research at ETF, said trading on funds based on platinum, palladium and other precious metals would begin on April 24th.

The news comes following the announcement by Zurich Cantonal Bank that it is preparing to launch ETFs based on platinum, palladium and silver, after its success with a gold ETF.

ETF Securities looks prepared to go ahead with the ETF despite opposition to the ETF concept from the largest mining firms.

The world's largest platinum miner, Anglo Platinum, and Impala Platinum - the second biggest - have both registered objections to the plans for ETFs.

Trevor Raymond, senior manager of investor relations at Anglo Platinum, explained to Reuters that his firm objected to ETFs because they would put more pressure on prices and damage long-term demand growth.


Sources:

ETF Securities to list physical bullion funds, 19/4/07

http://www.borsaitaliana.reuters.it/news/newsArticle.aspx?type=fundsNewsUK&storyID=2007-04-19T104536Z_01_NOA938554_RTRUKOC_0_MAREKTS-ETFS-PRECIOUS.xml&archived=False
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