Julius Baer plans launch of new precious metals ETPs

LONDON Jan 6 (Reuters) - Swiss bank Julius Baer (BAER.VX), which already operates a gold-backed exchange-traded product, said it is launching new ETPs backed by platinum, palladium and silver, to be traded on the SIX Swiss Exchange.

The products, which will be listed on January 8, will issue securities backed by physical stocks of the relevant precious metals which will be stored in bank vaults in Switzerland.

Julius Baer executive director Stephan Mueller said the funds' launch was a logical step in the development of the bank's ETP portfolio, especially as the industrial precious metals may benefit from a broader economic recovery this year.

"We are very bullish on all metals which have a huge industrial application," he said. Platinum and palladium are chiefly consumed by car manufacturers, while silver is widely used in electronics fabrication.

ETPs are designed to give investors exposure to precious metals prices without having to buy and store the metals themselves. They have proved a popular way to invest in precious metals, with record inflows seen last year.

Julius Baer's gold ETP held 1.954 million ounces of gold as of January 4, data from the bank showed. (Reporting by Jan Harvey; editing by James Jukwey)