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ETFs gobbling up excess Platinum supplies

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NEW YORK (Scrap Register): Investors are continuing to warm up to platinum, based on flows into global exchange-traded funds, said Commerzbank.

ETFs for precious metals trade like a stock but track the price of the commodity, with metal put into storage to back the shares.

“Bloomberg has reported the next big inflow into platinum ETFs; this week alone, inflows have now amounted to 113,000 ounces, and to nearly 500,000 ounces since the start of the year,” Commerzbank added.

“Clearly the surplus material on the platinum market is currently being pumped into the ETFs,” Commerzbank noted.

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