LONDON, Feb 28 (Reuters) - Zurich Cantonal Bank’s palladium exchange traded fund (ETF) has attracted much more money than expected, and its platinum fund is now catching up as investors bet on even higher prices, a senior trader at the bank said on Thursday.
The bank’s palladium ETF (ZPAL.S) has accumulated 333,000 ounces of the metal since the beginning in May 2007, against expectations of 200,000 ounces within one year of the launch.
The platinum ETF (ZPLA.S) has seen investments equal to just 43,000 ounces, against an initial target of 70,000 ounces in a year, while its silver fund (ZSIL.S) holds 12.5 million ounces, lower than 20 million it hoped to collect in one year. “The palladium ETF was number one in the last few months, but now it has become more quiet and people are now running after gold, silver and platinum,” Thomas Kilian, senior sales trader of equities & derivatives at the Bank, said.
Reporting by Atul Prakash; editing by Chris Johnson