Anglo Platinum has questioned the new exchange-traded fund (ETF) recently announced by a Swiss bank.

The company has said it will not supply any physical metal to the ETF, which has been planned by Switzerland's Zurich Cantonal Bank.

Explaining the decision, Trevor Raymond, senior manager of investor relations at South Africa's Anglo Platinum, told Reuters: "The reason why we as a producer are opposed to it is that it takes metal away from physical consumption and therefore would push the price up."

The announcement comes after similar criticism from the world's second largest producer of platinum group metals (pgms), Impala Platinum.

Mr Raymond concluded: "To establish an ETF in platinum would be difficult given the shortness of supply of the metal and we don't believe any of the producers would support it."

Source: Angloplat opposes Swiss plan for platinum ETF
17/04/2007

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