Two new exchange traded-funds for trading platinum group metals (pgms) backed by physical metal were launched this week, confirming the demand for exchange trading platforms for precious metals.

Zurich Cantonal Bank's fund (ZCB) opened on the SWX Swiss Exchange on Thursday, with early trading in its palladium fund standing at 666 units, while platinum traded around 100 units.

Meanwhile, following the launch of its ETF on the Deutsche Bourse earlier this week, which adds to its existing fund listed on the London Stock Exchange, ETF Securities began listing on Euronext Amsterdam and Paris yesterday.

Commenting on developments, Graham Tuckwell, ETF Securities Chairman, told Reuters: "Our decision to launch this range of precious metals ... comes in the wake of successful and increasing global demand for precious metals through ETCs (exchange-traded commodities) which have seen steady growth over the last four years to over $16 billion."

Since opening in April, ETF Securities' London Stock Exchange-listed fund has attracted investment equivalent to 6,051 oz of platinum.

ZCB, meanwhile, anticipates it will garner investments equivalent to 70,000 oz of platinum and 200,000 oz of palladium over the course of the next year.

Sources:

RTRS-ETF Securities to launch bullion ETFs on Euronext, 10/05/07
http://investing.reuters.co.uk/news/articleinvesting.aspx?type=fundsNews&storyID=2007-05-10T103354Z_01_NOA038022_RTRUKOC_0_ETF-SECURITIES-BULLION.xml

RTRS-Zurich Cantonal Bank starts trading in bullion ETFs, 10/05/07

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