Gold ETF holdings dip but platinum and palladium take up the slack

While Zurich Cantonal Bank's silver, platinum and palladium-backed etfs recorded inflows, nearly 35 000 ounces flowed out of its gold etf in a week when the price of the yellow metal repeatedly hit fresh highs

LONDON (Reuters) - 

The amount of metal Zurich Cantonal Bank holds in its silver-, platinum- and palladium-backed exchange-traded funds rose last week, but its gold ETF saw an outflow of nearly 35,000 ounces, the bank said.

The bank's ZKB Physical Gold (ZGLD.S: Quote) fund held 4.810 million ounces of metal on Friday, the company said in a weekly report on Monday, against 4.845 million a week before.

Its ZBK Physical Platinum product (ZPLA.S: Quote), however, saw inflows of nearly 9,500 ounces, raising its total holdings 4.2% to 231,710 ounces.

Holdings of its Physical Palladium (ZPAL.S: Quote) fund also saw an inflow of just over 15,600 ounces last week, it added, lifting them 3.2% to 507,673 ounces.

Its total silver ETF holdings (ZSIL.S: Quote) rose 1.089 million ounces or 2 percent in the same period, it added.

The company issues securities backed by physical stocks of commodities such as precious metals, giving investors exposure to movements in the asset price without having to buy and store the commodity themselves.

(Reporting by Jan Harvey; Editing by William Hardy)

© Thomson Reuters 2009 All rights reserved

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