"Gold and silver were driven up by platinum and palladium," says one Tokyo dealer of the overnight action, noting "aggressive buying" of platinum-group metals after last week's launch of exchange-traded PGM products for US investors.
New York's SPDR Gold Trust, the world's largest Gold ETF, has reduced the volume of gold backing its shares by 1.9% so far in 2010 some 20 tonnes
Compared to current demand for Gold ETFs, "The outlook for platinum and palladium looks quite bullish,"
Could it be the money is flowing from the Gold ETF to the new platinum ETF ?
NKP Price at posting:
64.5¢ Sentiment: None Disclosure: Held
