It has been claimed that a large US bank is considering introducing a platinum exchange traded fund (ETF).

Derek Engelbrecht, Marketing Director at Impala Platinum, has revealed that a large US bank has already been in touch with the mining firm to sound it out over the potential of a new ETF.

Speaking to MiningMX, Mr Engelbrecht explained that for the platinum ETF scheme to work in the long-term, it would need to see major input from the US.

He said: "To be successful, a platinum product must be launched in the United States."

Mr Engelbrecht reiterated concerns made by the big platinum mining companies over the potential for a platinum ETF to push up platinum prices significantly, as demand would tighten even further.

Several mining companies, including the world's largest, Anglo Platinum, have said they will not supply platinum to any ETF schemes.


Source:

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

Ÿ Adfero Ltd