NBP gold purchases. There was no break in May, Bankier.pl calculations confirmed

The NBP continues to buy gold, despite achieving its goal of 20% of currency reserves being invested in the royal metal. The latest data from the central bank show that gold holdings have increased to over 515.5 tons.

In May, NBP increased its gold resources to 16.573 million ounces from 16.373 million ounces a month earlier, according to the NBP database. This confirmed our previous calculations .

In euro terms, the value of gold held by the NBP at the end of May amounted to over EUR 48.2 billion, and in dollars – over EUR 54.58 billion.

As it follows from the data already published, at the end of May 2025, gold constituted 22.4% of Poland's currency reserves. NBP President Adam Glapiński publicly announced in 2021 that the bank's goal is to achieve a state in which gold constitutes 20% of Poland's total currency reserves.

This goal was not only achieved, but even slightly exceeded. This was partly due to large purchases of the metal by the National Bank of Poland, and partly due to the strong appreciation of gold against the dollar and other fiat currencies. Since the beginning of 2025 alone, gold prices expressed in USD have gone up by 28%, setting a new nominal - and real - all-time record at over USD 3,500 per ounce at the end of April. In 2024, the dollar quotes of the "barbaric relic" increased by 27.2% after a 13.2% increase a year earlier, almost doubling over the last 5 years.

At the same time, in the first quarter of 2025, the National Bank of Poland was the largest institutional buyer of gold in the world - according to a report by the World Gold Council. In total, in the first three months of this year, central banks purchased 243.7 tons of gold, of which 49 tons went to the NBP.

"Due to its unique features, gold is one of the few sensible instruments to protect against monetary ruin and excessive debt. It is probably the only liquid asset independent of the relationship with the creditor. It is a means of payment independent of the government, accepted and recognized on all continents, which has survived every government bankruptcy and every war so far," wrote Rahim Taghizadegan in the book "Austrian School Investment Practice. Between Inflation and Deflation". Gold in the NBP reserves therefore plays a strategic role:

• increases the country's security in difficult times,
• strengthens confidence in the zloty on international markets,
• increases Poland's credibility in the eyes of investors and rating agencies.

It is worth noting that the NBP's gold holdings currently exceed those of the European Central Bank, the central bank of the eurozone, which includes 20 countries. Poland, acting alone, has collected more gold than this joint bank. This is symbolic, but significant - it shows the strength of the NBP's position and a conscious policy of building the resilience of the national economy.

Gold is not just a financial asset today – it is also a source of education, trust and a sense of security. And in times of global uncertainty, these are the values ​​that become most valuable.

JM

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