Four ETFs for precious metals will begin trading on Friday 30th/Jan 09.
ASX codes:
ETPMAG -Silver 1/110th Oz
ETPMAU -Gold 1/110th Oz
ETPMPT -Platinum 1/110th Oz
ETPMPD -Palladium 1/110th Oz
and ETPMPM -basket of Gold, Silver, Platinum and Palladium

There will be a separate Metal Entitlement for each class of Metal Security,

There will be a separate Metal Entitlement for each class of Metal Security,

These have been launched by ETF Securities… who also run the ETF ASX code: GOLD

I am having a look at where the physical metals will be held and will post soon. I think that the metal will be held in the London Vaults same as GOLD.

Read about ETF Securities here
http://www.etfsecurities.com/en/faqs/etfs_faqs.asp#13