Gold, Palladium ETF Holdings Hit Record
Source: Reuters (9/25/09)
"ETF Securities 3 bullion-backed gold funds held 8.37m oz of gold as of Tuesday."
ETF Securities said on Wednesday that the amount of metal it holds to back its gold and ETFS Physical Palladium (PHPD.L) exchange-traded commodities rose to record highs in the week to Sept. 22.
The company's three gold-backed ETCs—Gold Bullion Securities (GBSx.L), ETFS Physical Gold (PHAU.L) and a small Australian fund—held 8.367 million ounces of bullion as of Tuesday, up from 8.217 million ounces a week before.
Its palladium ETC (PHPD.L) held 533,181 ounces of metal, up from 485,756 ounces the week before.
ETCs issue securities backed by physical stocks of a given commodity. Buying of precious metals to back ETCs and similar products has formed a major plank of demand in recent years.