Poland 2nd Biggest Gold Buyer In The World In 2023

(February 28, 2024 - Pixabay)

In just 9 months of 2023, the National Bank of Poland increased its gold reserves by 130 tons, being surpassed only the People's Bank of China in last year's purchases. Analysts note that despite past doubts about NBP's activities, expanding gold reserves seems reasonable, given gold's stability and safe-haven status, particularly amid economic uncertainties. Gold's popularity is evident among Polish households, with 13% holding savings in gold, rising to 48% among those aged 18-24.

NBP's aggressive gold purchasing policy under Adam Glapiński's leadership has propelled Poland to the 15th position globally in gold reserves. Increasing gold exposure is seen as a hedge against adverse currency fluctuations in the future. Gold investment is viewed as a low-risk, long-term strategy for preserving wealth, especially during uncertain times.