In April, the National Bank of Poland bought 400,000 ounces, or almost 12.5 tons of gold, according to data cited by Polish Insider released by Poland’s central bank. In total, at the end of April, the NBP held almost 16.4 million ounces of gold worth almost PLN 203 billion (€47.81 billion).

At the end of March, Poland held less than 16 million ounces, meaning the central bank purchased 400,000 ounces, or almost 12.5 tons of gold, in April.

At the beginning of May, NBP President Adam Glapiński announced that the central bank had 509.3 tons of gold, constituting 22 percent of the entire NBP reserves.

Gold, an investor favorite during times of uncertainty, inflation, and turmoil, has seen its price hit all-time highs. It came close to $3,500 an ounce back in April and is still above $3,300 as of this writing. 

Poland ranks eighth in the world for its gold reserves. According to recent data, in first place is the U.S. (8,133 tons), followed by Germany (3,351), Italy (2,452), France (2,437), Russia (2,333), China (2,292), Switzerland (1,040), India (880), Japan (846), Turkey (624), and Netherlands (612).

The next European country listed is Portugal at 383 tons, while the U.K. holds some 310 tons.