The National Bank of Poland (NBP) now owns a gold reserve worth nearly $15 billion, which is why despite 2020 being such a difficult year given the coronavirus pandemic and the uncertainty it has caused, Poland’s central bank has benefited enormously from its shrewd investment
Gold prices have doubled since 2015, and the price for an ounce of gold now is over $2,000. The maxim that gold is a safe harbor investment during an economic storm has been proven right yet again.
The NBP invested heavily in gold two years ago. Since 2018, it has purchased 125 tons of gold, effectively doubling the nation’s gold reserves that for years had been kept at just over 100 tons.
The total monetary value of Poland’s gold reserves has risen from $4 billion in 2018 to almost $15 billion on today’s prices, which means the value of Poland’s gold reserves have more than tripled in value in two years.
These reserves can now be used to supplement state budget funds. In 2019 alone, the NBP was able to hand over $2 billion to the exchequer. This sort of reserve capacity is literally worth its weight in gold.