Poland has significantly boosted its gold holdings, with the National Bank of Poland (NBP) now sitting on around 550 tonnes of bullion worth more than €63 billion. The move places the country among Europe’s biggest gold holders and signals a clear long-term strategy focused on stability and independence in an uncertain global economy.
A Strategic Bet on Stability
For years, NBP president Adam Glapiński has argued that gold plays a unique role in Poland’s reserves. Unlike other assets, it carries no credit risk, is not tied to the monetary policy decisions of foreign governments, and tends to hold its value during financial shocks. According to the central bank, strong gold reserves help underpin confidence in the wider economy.
The strategy is ambitious. The NBP’s stated goal is to increase its holdings to 700 tonnes, pushing the total value of its gold reserves to around PLN 400 billion (€94 billion). Gold’s share of Poland’s foreign exchange reserves has risen sharply, from 16.86% in 2024 to more than 28% by the end of 2025, one of the fastest shifts seen among central banks worldwide. Much of this buying took place in late 2025, amid heightened market volatility and geopolitical tension.
Why Central Banks Are Buying Gold
Poland’s move reflects a broader global trend. According to the World Gold Council, central banks continued to accumulate gold throughout 2025, viewing it as a safeguard against currency instability and financial crises. In surveys, 95% of central banks said they expect global gold reserves to rise further in the year ahead.
Marta Bassani-Prusik of the Mint of Poland explains that gold’s appeal lies in its independence. Its price is not directly influenced by monetary policy, and it helps diversify reserves away from the US dollar and other currencies. Some experts believe official figures may even understate the true scale of purchases, pointing to countries such as China and Russia. For some observers, this signals preparation for a future financial system in which gold plays a larger role.
More Gold Than the ECB — And What Comes Next
Poland’s gold stash is now larger than that of the European Central Bank, which holds around 506.5 tonnes. While the ECB oversees eurozone monetary policy, most of the region’s gold is held by national central banks. Against this backdrop, Poland’s 550 tonnes stand out and strengthen its position within Europe’s financial landscape.
Not everyone is convinced. Critics argue that money spent on gold could instead be invested in bonds, which generate regular income. Gold, after all, does not pay interest. Still, the timing of Poland’s purchases has coincided with record gold prices, and forecasts for 2026 remain bullish. Major banks predict average prices ranging from $4,150 to as high as $5,300 per ounce under strong demand scenarios.
For the NBP, gold is about long-term security rather than short-term returns. Supporters say that in times of uncertainty, demand for “safe haven” assets inevitably rises, not only among institutions but also among private investors. With further purchases already being discussed, Poland appears determined to keep expanding its gold reserves as global tensions reshape the financial order.
