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Zurich Cantonal gold ETF holdings dip 35,000 oz

Source: Reuters - Mon 23rd Nov 2009

The amount of metal Zurich Cantonal Bank holds in its silver, platinum and palladium-backed exchange-traded funds rose last week, but its gold ETF saw an outflow of nearly 35,000 ounces, the bank said.

The bank's ZKB Physical Gold fund held 4.810 million ounces of metal on Friday, the company said in a weekly report on Monday, against 4.845 million a week before.

Its ZBK Physical Platinum product, however, saw inflows of nearly 9,500 ounces, raising its total holdings 4.2 percent to 231,710 ounces.

Holdings of its Physical Palladium fund also saw an inflow of just over 15,600 ounces last week, it added, lifting them 3.2 percent to 507,673 ounces.

Its total silver ETF holdings rose 1.089 million ounces or 2 percent in the same period, it added.

The company issues securities backed by physical stocks of commodities such as precious metals, giving investors exposure to movements in the asset price without having to buy and store the commodity themselves.

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