The central banks continued to buy gold throughout the first quarter of the year. In this way they underpin the trend of precious metal prices. But the Polish case is distinguished from the rest.
Central banks reported 17 tons of gold gold purchases last Marchaccording to the IMF and other public data sources, consolidating the idea that the demand remained solid at the end of the first quarter of the year. Monthly gross purchases added 35 tons that were compensated by gross sales of 18 tons, highlighting those of Uzbekistan who reported 11 ton net saless. It should be noted that The National Bank of Poland (NBP) was the largest net buyer reported with 16 tons, followed by the National Bank of Kazakhstan (11 tons) and the Popular Bank of China (3 tons).
Also the Czech Republic (2 tons) and Türkiye (1 ton) increased their gold reserves last March. Among the net sellers in addition to the Central Bank of the Republic of Uzbekistan were also highlighted Singapore (5 tons) and Kyrguistan (2 tons). Thus the balance of the first quarter of 2025 threw that Poland had been the largest net buyer registered with 49 tons, followed by Azerbaijan (19 tons) and China (13 tons) during the same period. While Uzbekistan recorded the highest net sales (15 tons.) Followed by Singapore (5 tons), Kyrgyz (4 tons) and Russia (3 tons).
However, days ago the governor of the National Bank of Poland (NBP), Adam Glapiskiduring a press conference, he said he sees the Gold as a shield against global instability and an cornerstone of economic sovereignty. “This demonstrates the stability, abundance and solvency of the Polish economy,” he said. Apparently, with the alleged net purchases of April, now Poland would have almost 509.5 tons of gold, which represents approximately 22% of the country’s total reserves. In this way, the NBP exceeds 15 of the world’s largest gold holders to the world’s very Central Central Bank (ECB)commanded by Christine Lagarde that occupied the 13th position behind the Holland and Turkey, with 506.5 tons. Now Poland would displace the ECB at 14th place and she amounts to 13.
More gold in reserves, more credible country
It is unavoidable as in recent years Poland has considerably increased its gold reserves, since in 1996 the NBP only had 14 tons of gold. For 2016, that figure had risen to 102 tons. The purchasing rhythm increased significantly after 2022, and the NBP far Duplicate its reserves, from 228 tons to 480 tons in two years. Already in 2024 the Polish bank was the largest gold buyer between the central bank and remained head with continuous purchases during the first three months of 2025, adding another 49 tons. Last year, Glapiski had pointed out that the Central Bank planned to increase its gold holdings to 20% of its reserves. “This makes Poland a more credible country, we have a better position in all classifications, we are a very serious partner and we will continue to buy gold,” the Polish central banker explained in a timely manner. Glapiski said that the country’s gold was worth at the end of 2024 about 60,000 million Zlotys (more than 14,100 million euros) more than the bank paid for it, and the amount continues to grow, but emphasized that these are paper earnings and that the Polish Central Bank has no plans to sell, which at current prices is worth 44,300 million euros.
Now, why so much gold, they wonder in the market: according to the Polish news site “Notesfrompoland”, Glapiski said that he is not directly linked to any national economic policy, it is a safe refuge during crises and retains its real long -term value. “It is a symbol of stability that reinforces our credibility with foreign investors and partners”. According to the NBP website, gold does not constitute a liability or entails a risk of counterpart, in addition, its physical characteristics guarantee its durability and almost indestructibility.
When he announced the initial plan to expand his gold reserves in 2021, Glapiski said that having gold was a matter of financial security and stability: ”Gold will keep its value even if someone cuts the electricity supply to the global financial system, thus destroying traditional assets based on electronic accounting records. Of course, we do not assume this will happen. But as the saying goes: it is better to prevent cure. And the Central Bank must be prepared even for the most unfavorable circumstances. Therefore, we consider that gold occupies a special place in our currency management process. ”
Glapiski also pointed out that “Gold is free of credit risk and cannot be devalued by the economic policy of any country, in addition, it is extremely durable, practically indestructible.”
Polish gold and the historical context
It should be noted that Poland’s affinity for gold is not surprising, given its history. The country serves as a crossroads between Eastern and Western Europe, and has lived numerous wars and conflicts. The memory of the German occupation during World War II and Russian domination in later years still endures in Polish memory. Many families remember stories about gold coins and jewels, which made the difference between life and death during World War II. They allowed to buy food and sometimes an escape, recall historians of the world metal market.
According to “Notesfrompoland”, Approximately 20% of the NBP gold is currently stored in Poland, and the rest is deposited in New York and London. Glapiski said the bank aspires to maintain a third of its gold in each of the three locations for security reasons.
It is worth remembering that in 2019 Poland moved gold from England. In an undercover operation, the NBP repatriated 100 tons of gold from the Bank of England to its vaults in Warsaw. The mission, which implied eight flights over several months and strict security control, moved 8,000 gold bullion. Therefore, every so often the NBP launches a guided tour contest to the vaults so that people can verify that there is Polish gold there.
Source: Ambito
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