‘Palladium ETFs record outflows in 3Q; inflows for Platinum ETFs’
Physically backed palladium exchange-traded funds recorded net outflows during the just-completed third quarter, while platinum ETFs had inflows, said the Union Bank of Switzerland (UBS) in a commodity snippet.
According to UBS, Palladium ETFs had their worst quarterly showing since the fourth quarter of last year, with outflows of some 25,000 ounces.
“The direction of palladium ETF flows turned sharply in Q3, which is in stark contrast to the strong buying seen during the first four months of the year. The third quarter also marked a shift in investor preference away from palladium into platinum, with the latter posting 144koz of inflows,” the bank noted.
Meanwhile, gold ETFs surged by 4.32 million ounces for their strongest quarter since the second quarter of 2010, UBS concluded.