NBP making a mint out of gold

Poland’s National Bank (NBP) bought two billion zloty’s worth of gold just at the right time and is reaping the rewards. It has made 11 million USD already and will earn more if President Trump manages to block Venezuela from exporting its gold, reports the portal Money.pl

According to the IMF, the NBP between July and September purchased over 13 tons of gold, representing 13 percent growth of the reserves. This means that Poland holds over 116 tons of the precious metal. Poland now holds more gold reserves than Greece and nearly as much as Mexico.   

Poland holds over 116 tons of gold. Poland now holds more gold reserves than Greece and nearly as much as Mexico

Poland’s national bank was buying gold in a period when its price was falling because Turkey was having to sell off gold to prop up its rapidly devaluing domestic currency, and Germany, Morocco and the European Central Bank were also offloading some of their gold reserves, preferring to invest in the strengthening dollar. 

The price of gold on November 1st alone rose by two percent. On November 2nd the value of Polish gold reserves amounted to 17.5 billion PLN.

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