Why is Poland so desperate for gold?

(Dan Tri Newspaper) - Poland is redrawing the European financial map with its possession of 550 tons of gold, surpassing even the European Central Bank (ECB). A new shark has emerged with ambitions that show no signs of stopping.

Europe is witnessing an interesting, if not a "paradoxical," phenomenon on the continent's balance sheet in the early days of the year. Frankfurt – home to the European Central Bank (ECB) – is considered the heart of money flow coordination in the Eurozone.

However, in terms of tangible assets, one member outside the Eurozone is quietly outpacing the bloc's "kingpin." That member is Poland.

Quietly but decisively, this nation is implementing the largest wealth accumulation strategy in its modern history.

The Central Bank of Poland (NBP) has increased its gold reserves to approximately 550 tons, worth more than 63 billion euros (Photo: Polskie Radio).

The "rapid" rise of Warsaw's gold reserves.

According to reports from IMGlobalWealth and data from the World Gold Council (WGC), as of January, Poland's gold reserves had reached 550 tonnes, officially surpassing the 506.5 tonnes directly held by the ECB.

To see the "lightning speed" of Poland's strategy, let's look back at the past. In 1996, the country had only 14 tons of gold. By 2016, when Governor Adam Glapiński took office, that number had risen to 102 tons. But in just a decade under Glapiński's leadership, Poland's gold reserves had increased fivefold.

In particular, the "buying frenzy" intensified in the final months of 2025. In the first 11 months of last year alone, NBP accumulated an additional 95 tons of gold – more than any other central bank in the world.

This is not merely symbolic. At current valuations, these 550 tons of gold are equivalent to over 63 billion Euros (approximately 276 billion zloty). More importantly, the proportion of gold in Poland's foreign exchange reserves has skyrocketed from 16.86% (in 2024) to 28.22% by the end of 2025. This is one of the fastest asset restructuring rates in modern financial history.

The Central Bank of Poland (NBP) has increased its gold reserves to approximately 550 tons, worth more than 63 billion euros (Photo: Polskie Radio).

The "Family Office" mindset: When gold is a security "firewall".

Why is Poland so desperate for gold? The answer lies in a shift in the mindset regarding the management of national assets.

Adam Glapiński, the Governor of the National Bank of Poland (NBP), likened his management style to a global "family office." Instead of chasing yields from bonds or other inflation-prone financial assets, Poland chose to build a "hard asset firewall."

In recent press conferences, Mr. Glapiński has repeatedly emphasized: "Gold is an asset that is not subject to credit risk, is not dependent on the monetary policy of any country, and is a shield against financial shocks."

Marta Bassani-Prusik, Director of Investment Products at Mint of Poland, offered a more in-depth analysis in Euronews: "The driving force behind central banks, including Poland's, frantic gold hoarding is independence. They want to diversify away from the US dollar and the euro, reducing their dependence on fiat currencies in an increasingly unpredictable geopolitical landscape."

In fact, although some economists argue that holding too much gold will "freeze" capital flows because gold does not generate interest like bonds, Poland has chosen safety over short-term returns. In a fragmented world, the liquidity and security of gold are paramount.

The gold accumulation by Poland and other central banks is taking place against the backdrop of global gold prices setting new highs. Global investors are holding their breath ahead of forecasts for the 2026 fiscal year from leading financial institutions.

According to a compilation of reputable financial sources, the outlook for gold prices this year is predicted to be extremely positive but also full of challenges for buyers.

Poland's stockpiling of gold even before the forecasts materialized demonstrates the long-term vision and exceptional market-reading ability of its policymakers. They bought when the market was uncertain and now sit atop a massive asset.

The move by Poland and other central banks to accumulate gold is taking place against the backdrop of global gold prices establishing new price levels (Photo: Finance Magnates).

The game isn't over yet.

550 tons of gold and surpassing the ECB still doesn't seem to satisfy Warsaw's ambitions.

Governor Glapiński announced that the next target is 700 tons of gold. If this figure is achieved, Poland will officially surpass the Netherlands (612.5 tons) and Türkiye (641.3 tons) to join the "Elite Club" - the top 10 countries with the largest gold reserves on the planet.

Poland's action sends a strong signal to investors and governments: In this new era, the strength of a currency lies not only in the promises of the central bank but also in the weight of the precious metals behind it.

According to experts at the Mint of Poland, central banks' demand for gold is not just defensive. It's preparation for a new monetary order where real assets take center stage.

"Although they don't directly determine the daily price of gold, the actions of big players like NBP serve as a guide for individual investors seeking a safe haven for their money," the expert stated.

Source: https://dantri.com.vn/kinh-doanh/vi-sao-ba-lan-khat-vang-20260123120758155.htm