Poland’s Central Bank Plans to Purchase 100 Tonnes of Gold

In an effort to demonstrate the country’s strength and reduce its dependence on the US dollar, Poland’s central bank has revealed it intends to purchase at least 100 more tonnes of gold over the next several years.

In an interview with conservative magazine Sieci, governor of the National Bank of Poland Adam Glapinski announced that the central bank intends to continue expanding its bullion reserves, and buy an additional 100 tonnes of gold in the coming years— a price tag of over $5.5 billion at current gold prices. “This matters, among other things, for how the country is perceived,” he said.

Glapinski has been a strong supporter of boosting the country’s gold reserves, which have nearly doubled to 229 tonnes under his term. The institution has already purchased approximately 126 tonnes of bullion between 2018 and 2019, while also repatriating an additional 100 tonnes from the Bank of England. According to Glapinski, who is also making a bid for a second term, the central bank’s share of gold reserves will increase from the current 9% to at least 20% in the event that he is re-elected.

A number of central banks— especially those in Eastern Europe, Asia, and the Middle East, have been increasing their gold purchases as a means of reducing their reliance on other assets including the US dollar.


Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Is China Squeezing The Gold Market?

In response to recent trading price risks, the Shanghai Futures Exchange (SHFE) has implemented transaction...

Sunday, April 14, 2024, 11:25:00 AM

Monarch Mining Releases Updated Resource Estimate For McKenzie Break

Monarch Mining (TSX: GBAR) this morning released an update mineral resource estimate for its McKenzie...

Monday, February 8, 2021, 08:23:50 AM

Black Tusk Resources Completes 2,600 Metre Drill Program Near Val-d’Or

Black Tusk Resources (CSE: TUSK) has completed the first phase of its drill program being...

Friday, March 5, 2021, 08:25:34 AM

TDG Gold Reports Indicated Resource Estimate Of 54.3 Moz At 117 G/T Silver Equivalent At Nueva Esperanza

TDG Gold Corp. (TSXV: TDG) reported this morning the results of the mineral resource estimate...

Thursday, July 8, 2021, 10:46:00 AM

Exploits Strikes A Deal With New Found Gold – The Daily Dive feat Michael Collins of Exploits Discovery Corp

Joining us for the final episode of The Daily Dive in this short holiday week,...

Wednesday, December 23, 2020, 01:30:00 PM