Since launching two weeks ago, Zurich Cantonal Bank's (ZCB) exchange traded funds (ETFs) have garnered investment equal to 25,000 ounces of platinum and 133,000 ounces of palladium, it has been announced.

The "good start" to the ETF allowed Oliver Holzer, head of ETF sales at the bank, to suggest to Reuters that it will exceed its targets for investment in platinum group metals.

Earlier this month he had told Reuters that over the course of a year he anticipated that platinum and palladium would attract investment equal to 70,000 ounces and 200,000 ounces respectively.

However, he has now adjusted projections to an estimated investment equivalent of between 250,000 and 300,000 ounces of palladium, while he perceives that platinum volumes might be 60,000 to 70,000 ounces.

News of ZCB's performances follows ETF Securities reporting last week that its London platinum ETF has attracted investment equal to 11,942 ounces since launching April 24th.

Earlier in the month, it had stated that it expected its annual investment in platinum to be equivalent to around 77,000 ounces of platinum.

Source:

UPDATE 1-Zurich platinum ETF accumulates 25,000 ounces, 24/05/07
http://investing.reuters.co.uk/news/articleinvesting.aspx?type=breakingFundsNews&storyID=2007-05-24T131423Z_01_L24575193_RTRIDST_0_MARKETS-PRECIOUS-ETF-UPDATE-1.XML

Zurich platinum ETF accumulates 25,000 ounces, 24/05/07
http://www.resourceinvestor.com/pebble.asp?relid=32228

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