LONDON Aug 29 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
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."