U.S. Silver Trust Assets over $80 Mln: ETF Securities

Source:

"The silver trust. . .experienced high volume during its first week of trading, which beat its own expectations."

ETFS Silver Trust (SIVR.P), a U.S. exchange-traded product (ETP) trading on the New York Stock Exchange, said on Tuesday its silver bullion holdings exceeded $80 million, underscoring strong interest in precious metals among retail investors.

The silver trust, run by London-based ETF Securities, said that it experienced high volume during its first week of trading, which beat its own expectations.

The company is also awaiting a U.S. regulatory approval for its platinum ETP, which would be the first of such products in the United States. An approval could provide a boost to the price of platinum, analysts said.

On July 24, when the silver trust was launched, William Rhind, head of sales and marketing, told Reuters in an interview that the trust is expected to hold assets of more than $1 billion during the next six to 12 months.

Exchange-traded products issue securities backed by physical stocks of a commodity, giving investors exposure to the underlying asset prices.

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