September 29, 2010

ETF Securities Assets Grow on Gold Success

Rise in prices fuels investor interest

ETF Securities USA announced Wednesday that assets under management for four of its precious metals ETFs are over $2 billion. The firm is the first U.S. ETF sponsor to offer a suite of precious metal exchange traded commodities, including ETFS Physical Swiss Gold Shares (SGOL), ETFS Physical Silver Shares (SIVR), ETFS Physical Platinum Shares (PPLT) and ETFS Physical Palladium Shares (PALL).

"Reaching $2 billion is a great milestone for ETF Securities in the US market. We will continue to expand the product offerings and look forward to delivering more commodity solutions to our US clients," William Rhind, head of sales and marketing for ETFS Marketing LLC, said in a press release.

The Platinum and Palladium funds were launched in January 2010, and the Gold and Silver funds in 2009.

Reutersreported Wednesday that gold hit its "10th record high in 12 trading days" on fears of a weakening dollar. Gold rose 5% in September, and at $1,313.20 is set for its second consecutive month of increases, according to Reuters.

At $22 an ounce, silver prices are at a 30-year high, Reuters reports, and gains are "outstripping those of gold." Palladium rose 2.5% to $571 per ounce, while platinum reached its highest level since May at $1,650 before falling to $1,647.

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