ETF Securities' exchange-traded fund based on physical platinum has garnered investment equivalent to 6,051 oz of platinum since its April 24th launch, according to Reuters.

Its higher price made the London-based firm's platinum fund the top performer amid the five precious-metal-based funds it operates, with $8 million of investment compared with $5 million each for the other four.

ETFs have proved controversial within the industry with Anglo Platinum categorically refusing to supply any of its platinum to such funds, while several other companies have expressed fears that ETFs would constrict supply and in so doing push up prices.

Earlier this week Derek Engelbrecht, managing director of Impala Platinum, told Mining MX that a large US bank had approached the company with a view to starting a new ETF.

Currently each share of platinum and palladium is equivalent to one-tenth of an ounce on ETF Securities' trading platform.

Source:

London ETF accumulates 6,051 ounces of platinum, 04/05/07
http://africa.reuters.com/business/news/usnBAN423662.html

US bank plans platinum ETF, $1,500 seen, 27/04/2007
http://www.miningmx.com/platinum/812987.htm

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