Poland continues with its golden streak
Poland continues with its golden streak
Since Q2 2023, Poland has been purchasing gold as if with unsatiated demand. The conflict in Ukraine has prompted the National Bank of Poland, officially named Narodowy Bank Polski, to stop selling gold since the day when armed forces from Russia forcibly entered Ukraine territory. Poland has since increased their holdings to 420 tons of gold.
18 months later, with no end in sight as to when the conflict will be resolved, the National Bank of Poland has since increased the bank’s holdings by more than 83 percent or 191.3 tons, placing them outside of the top 10 biggest central bank holders of gold in 12th place. At the rate of them buying gold and selling zlotys or their other foreign currencies, they can catch up to Turkey's 595 tons of gold and also eclipse officially declared holdings of Taiwan's 423 tons.
Czechia or Czech Republic also purchased 10.82 metric tons of gold in H1 2024, with countries in Central Europe feeling more pressure to own assets which can withstand the fallout effects of financial markets collapsing or even financial warfare between the United States and China.
At the other end of the totem pole, from the perspective of central banks selling gold, Bangko Sentral ng Pilipinas or the Central Bank of the Philippine was the bank which sold the most gold during the first half of 2024. The country sold 24.95 metric tons of gold.
https://www.gold-eagle.com/article/national-bank-poland-was-biggest-central-bank-gold-buyer-q2
https://tradingeconomics.com/poland/gold-reserves
https://www.gold.org/goldhub/data/gold-reserves-by-country