The head of the central bank, Adam Glapinski, therefore wants to increase the gold reserves by around 44 percent and store the new gold in Poland. Currently, around 229 tons of gold are lying dormant in Polish ownership. As recently as 2019, large parts of Poland's gold reserves were stored in the Bank of England's warehouse. In a spectacular operation, 8,000 gold bars, each weighing 12.5 kilograms, were then flown by plane to the central bank in Warsaw.
According to Glapinski, the reason for the new acquisitions is "the international perception of the country and its economic strength. At the current price of gold, this amounts to about $5.5 billion. For 20 years, Poland did not buy any gold; only in 2018 was gold purchased again by Poland.
In 2018 and 2019, gold purchases by central banks reached record levels. In recent years, Kazakhstan and Uzbekistan in particular have bought heavily. For this year, many analysts expect central banks to remain net buyers. The low interest rate environment could also lead to increased gold purchases by central banks. While forecasts don't always come true, they often hit trends. For example, 2021 could see weaker central bank demand but strong investor demand.
An investment in gold stocks is always a good thing, here one could think of Maple Gold Mines or Victoria Gold.
Maple Gold Mines - https://www.youtube.com/watch?v=Wo4dVLq4b10 -, together with Agnico Eagle, is active on the Douay and Joutel gold properties in the Abitibi greenstone belt in Quebec. The goal is to expand resources and make new discoveries.
Victoria Gold - https://www.youtube.com/watch?v=nK5ModCMN6k - joined the ranks of gold producers last year with its Eagle Gold Mine in the Yukon. Nearly 43,000 ounces of gold were recovered from the ground in the fourth quarter.
Current corporate information and press releases from Victoria Gold ( https://www.resource-capital.ch/en/companies/victoria-gold-corp/) and Maple Gold Mines ( https://www.resource-capital.ch/en/companies/maple-gold-mines-ltd/).
In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.
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