Julius Baer has launched new platinum and palladium exchange-traded funds (ETFs) today (8th January).

The Swiss bank, which already runs a gold ETF, will trade the products on the SIX Swiss Exchange, with the metal backing them being held in bank vaults in the country.

Executive director Stephan Mueller explained that the two pgms are likely to perform well in the future as the auto sector - which uses them for catalytic converters - starts to recover.

"We are very bullish on all metals which have a huge industrial application," he told Reuters.

ETFs saw record inflows last year and are favoured by investors because they provide exposure to metal prices and they do not have to worry about buying or storing them.

Julius Baer, which confirmed that it will also list a silver ETF as part of the move, revealed that its gold product held 1.954 million ounces as of 4th January.

Source:

Julius Baer plans launch of new precious metals ETPs (06/01/10)

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