WPIC, BullionVault to offer physical platinum marketplace

New York (July 28)  The World Platinum Investment Council and BullionVault said Wednesday they plan to launch an online marketplace in the fourth quarter of this year for trading physical platinum.

 The platinum option will be offered alongside BullionVault's existing online gold and silver offerings. Platinum sold will be in the form of London Platinum and Palladium Market (LPPM) good-delivery bars, with vaulting locations in Switzerland.

 "The WPIC's partnership with BullionVault will bring new levels of accessibility, liquidity and pricing to the global platinum market," Marcus Grubb, WPIC director of market development, said in a statement.

 "The agreement ensures that investors wishing to purchase physical platinum can do so in a simple, straightforward and cost-effective manner, which will ultimately help to grow the global market," he added.

 BullionVault Chief Executive Paul Tustain called the move "a natural progression of our business. In keeping with our gold and silver offerings, we intend to become the lowest-cost provider of physical investment platinum in the world," he said.

 The WPIC, based in London, promotes platinum-group metals to industry and investors. Six of the world's largest platinum producers formed the group in 2014.

 BullionVault, owned by London-based owned by Galmarley Ltd., is the world's largest private, online marketplace for trading precious metals. Users currently own $1.5 billion in gold and $360 million in silver, according to the company.

Source: PLATTS