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UPDATE 1-ETF Securities long-oil ETC holdings hit record
(Updates with details of precious metals ETC holdings)
LONDON, March 16 (Reuters) - ETF Securities said inflows into its long-oil exchange-traded commodity (ETC) holdings rose by $90 million last week, bringing its total holdings to a record high $1.4 billion.
The company has seen inflows of $898 million into the ETC since the beginning of the year, head of research Nick Brooks told Reuters.
"The main driver is that people believe the oil price is too low, and that in the longer term it will rise," he said.
Commenting on its precious metals-backed ETCs, the company said the amount of metal it holds to back its three gold products rose 1 percent in the week to March 13.
Holdings of its Physical Gold (PHAU.L), Gold Bullion Securities GBS and GOLD ETCs climbed to 6.97 million ounces on Friday from 6.89 million a week before.
The company's Physical Silver ETC (PHAG.L) added 641,000 ounces last week to its holdings, which now stand at 16.034 million ounces, up 4 percent from the previous week.
The amount of metal held to back the company's Physical Platinum (PHPT.L) ETC also rose by just under 8,000 ounces to 240,904 ounces. Holdings of its Physical Palladium ETC were flat at 247,573 ounces.
Exchange-traded funds, which issue securities backed by physical stocks of a particular metal, have been a major source of demand for precious metals in recent years. (Reporting by Jan Harvey; Editing by Sue Thomas)
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