South Africa's NewPlat becomes world's largest platinum ETF

LONDON Thu Aug 29, 2013 9:29am EDT

LONDON Aug 29 (Reuters) - New Gold Platinum, the physically backed South African platinum exchange-traded fund operated by Absa Capital, has become the largest fund of its type in volume terms just four months after its launch, Absa said on Thursday.

Holdings of the rand-denominated NewPlat ETF, as the fund is known, increased by nearly 12,000 ounces on Thursday to 579,198 ounces, Absa's head of investments Vladimir Nedeljkovic said.

That puts its platinum reserves above those of the next largest platinum exchange-traded product, New York's ETFS Physical Platinum, which holds 572,409 ounces of metal.

"We listed another 1.2 million debentures today, getting the fund size to 579,198 ounces of platinum," Nedeljkovic told Reuters on Thursday. "With today's creation, we did become the largest platinum fund in the world."

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