Long And Short Of It: Platinum ETNs On Their Way

So we have a gold ETF, a silver ETF, an oil and natural gas ETF. How about a platinum ETF? Looks like it's coming--soon--and get this--you can go long and short the commodity. E-TRACS UBS should be launching two new ETNs fairly soon:

Long Platinum (PTM)

Short Platinum (PTD)

One note: these are Exchange Traded Notes (ETNs), not Exchange Traded Funds (ETFs); they are based on futures contracts, not on the spot-cash price. I have been told that the platinum industry has been opposed to a platinum ETF, on the grounds that an ETF which was required to hold physical platinum would drive up the price.

Platinum, in case you've been living under a rock, is used in catalytic converters (which converts harmful gases into less harmful gases) for automobile exhaust systems (palladium is also used for this), as well as the tips of spark plugs. It's also used for jewelry (it's more precious than gold).

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