ETF Securities Expects Silver Trust Assets To Reach Over $1 Billion (SIVR)

silver-etfReuter’s Reports that the “ETFS Silver Trust, a U.S. exchange-traded product (ETP) run by London’s ETF Securities, is expected to hold assets of more than $1 billion over the next six to 12 months, a senior company official said Friday. ETF Securities was also awaiting U.S. regulatory approval for its platinum and palladium ETPs, which would be the first of such products in the United States, said William Rhind, head of sales and marketing for the company’s U.S. division. “We think that SLVR has the potential to be in excess of $1 billon, certainly, in the first six to 12 months,” Rhind said.”

“On Friday, the company launched its U.S. silver trust under the ticker symbol SLVR on New York Stock Exchange’s Arca platform. The move has created a buzz in the precious metals sector because ETF Securities had also in April filed with the U.S. Securities and Exchange Commission to launch the first U.S. platinum ETP, which could be a boost to the price of platinum if it clears regulatory hurdles, analysts said. Asked if there was any news regarding the SEC approval of its platinum and palladium ETPs, Rhind said, “No update as yet.” The company cannot comment further under the quiet period of registration process, he said,” Reuter’s Reports

Reuter’s Reports that “ETF Securities operates a string of commodities-backed exchange traded funds from London and Australia. When asked if the silver trust made the company more confident about the prospect of its U.S. platinum product, Rhind said, “In certain respect, the silver is probably the first step to that. However, we wait for the necessary go-ahead from SEC.”

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