The head of the Polish Central Bank, Adam Glapinski, spoke about plans to buy gold for international reserves. “Now the gold reserves of Poland are 229 tons. Half of this amount was purchased during my leadership. In the coming years, we intend to buy another 100 tons of gold. We will store this precious metal in Poland, ”he recently told the Polish newspaper Sieci.
With the current price of gold at $ 1,730 per ounce, the Central Bank of Poland will spend about $ 5.56 billion on the purchase of the yellow precious metal. According to the latest data from the World Gold Council (WGC), the share of gold in Poland's international reserves is currently 8.7%.
It is worth recalling that in 2018 Poland bought gold for its reserves for the first time in 20 years. Then the gold reserve of the country was 103 tons, and within only one year, another 125 tons of precious metal was added to them.
Moreover, in 2019, the leadership of the Polish Central Bank announced that it intends to take half of its gold, which is stored in London from the Bank of England. Then it was about 100 tons of yellow precious metal.