Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Investors have a new tool for investing in physical platinum.
Sprott Asset Management completed the initial public offering for its Sprott Physical Platinum and Palladium Trust last week. The fund is listed on the NYSE Arca (SPPP) and the Toronto Stock Exchange (PPT.U).
Wealth Wire notes that the fund comes with a 0.5% annual fee making it competitive with other offerings like ETFS Physical Platinum Shares (PPLT), but it is also closed-ended.
“This means that SPFF can trade at a premium or a discount to its NAV for prolonged periods of time since the number of shares outstanding is static when compared to an ETF, which instead relies on the dynamic creation/redemption mechanism,” writes the Wealth Wire.
Platinum is up 7.65% this year and trading at $1,536/oz.
Image of Platinum Fashion Mall in Japan by jetalone, a Creative Commons image
