Gold has long played a dual role in the global economy—as both a safe haven and a store of value. In Poland, as in many other countries, gold takes various forms, from central bank reserves to private savings, jewelry, and investment bars. According to the latest data, the total value of gold held by the National Bank of Poland (NBP) amounts to nearly PLN 205 billion.
In times of global uncertainty, gold becomes not only a symbol of stability but also one of the key tools for protecting accumulated capital. During turbulent periods, it serves as a safe solution and a shield against inflation and geopolitical upheavals.
As Michał Tekliński, an expert from Goldsaver and Goldenmark, explains: “History shows that in times of high inflation, stock market declines, or geopolitical tensions, gold often maintains or increases its value, helping stabilize an investor’s portfolio. This makes it an effective ‘policy’ against systemic risk.”
Since 2018, the National Bank of Poland has been intensively purchasing gold and now holds reserves exceeding 500 tons. This places the NBP 13th in the global ranking of central bank gold reserves, even ahead of the European Central Bank. This year alone, the NBP acquired more than 67 tons of gold—a historic record.
In the first quarter of 2025, Poland was the world’s largest central bank buyer of gold, purchasing 49 tons—more than any other central bank, including those of China, India, and Kazakhstan. Poland also led the second quarter, with purchases of nearly 19 tons.
The strategy adopted by the NBP’s management board set a target of gold accounting for 20% of reserves. That goal has now been achieved, with gold already representing over 21% of reserves. NBP President Adam Glapiński recently announced his intention to propose raising that share to as much as 30%.
Across Europe, demand for gold bars and coins continues to rise. According to the latest data from the World Gold Council, in the second quarter of 2025 demand exceeded 28 tons—up 156% year-on-year and 6% compared to the previous quarter. More Poles are also investing in gold. Studies show that nearly 15% of the country’s citizens now declare ownership of gold as an investment.
Gold’s popularity is growing because investors see it as an asset resistant to inflation and crises. Rising prices of the precious metal confirm its role as a safe haven: the more threats in the economy and politics, the greater the demand. “This trend is reinforced by the example of central banks, including the NBP, which have been significantly expanding their gold reserves in recent years, sending markets a clear signal about the strategic importance of this asset,” Tekliński notes.
However, analysts at investment bank Goldman Sachs point out that gold is entering a period of seasonal slowdown, although its fundamentals are stronger today than just a few months ago. The bank maintains its forecast that by mid-2026, gold will reach USD 4,000 per ounce, driven mainly by central bank demand and inflows into gold-backed ETFs.
Gold also stands out from other precious metals thanks to its unique liquidity, global recognition, and stability of value. Silver and platinum, while important, have wide industrial applications, making them more vulnerable to business cycles. “For individual buyers, taxation is also a challenge in the case of metals other than gold—particularly silver, which is subject to the full VAT rate despite its popularity,” explains Marta Dębska, an expert from Goldsaver and Goldenmark.
Source: CEO.com.pl
