Newgold signal for gold to platinum switch

JSE-listed physical gold ETF Newgold has repurchased almost R250m worth of its units after investors cashed in 2m of the

listed debentures. The repurchase represents just under 20 000 ounces of gold. The Newgold Gold ETF holds a combined 1.3m ounces of gold, worth R16.3bn. The company’s Platinum ETF earlier today announced the creation of R172m worth of new debentures representing the purchase of 12 000 new platinum ounces. After today’s purchase the Platinum ETF has 909 000 ounces of the metal worth R13bn.