January 24, 2008 at 2:00 pm by Tom Lydon
Gold and its related exchange traded funds (ETFs) have been real attention hogs lately, what with all the record-setting prices. But a new precious metal is in town.
Platinum hit a record high on Wednesday, reports Atul Prakash for Reuters, to $1,591.50 an ounce. In fact, the metal has been posting nice gains for awhile now, and other metal-backed ETFs for gold and silver have been among the top performers of late.
Why no ETF? The fears are the same: a platinum ETF could create tightness in the market when the prices are strong, as they are now. That volatility could ultimately hurt the jewelry market. Interestingly, a platinum-backed ETF in Europe doesn’t appear to have caused the same issues and it has been a big success.
Subscribe to our RSS Feed
January 25th, 2008 at 6:53 am
Yep, it’s nice to be european, as I could (and already have) buy some platinum, palladium and precious metal basket (gold, silver, platinum and palladium) ETFs from London Stock Exchange. I hope America will get same ETFs, as it means yet higher prices. Cheers.
And there’s other commodity ETFs also, which are not found in America. Check it out.
http://www.londonstockexchange.com/en-gb/pricesnews/prices/ETCs.htm?nrcachehint=Guest&nrmode=Published&nrnodeguid=%7bF2CD3700-F77D-40E2-96B8-E87D20EA035C%7d&nroriginalurl=%2fen-gb%2fpricesnews%2fprices%2fETCs.htm