The National Bank of Poland did not stop purchasing gold in May

Despite achieving over 20% share in reserves The National Bank of Poland continued to purchase gold in May, according to the data Bankier.pl calculations. The scale of these purchases however, it was lower than in the previous three months.

Based on the data published at the beginning of each month NBP reports on official reserve assets at Bankier.pl editorial office we calculate how the central bank's gold reserves have changed. According to the latest data at the end of May for the "monetary gold" position in the NBP was valued at $54.58 billion.

This is (rounded) 16.573 million ounces – according to Bankier.pl calculations , which is 200 thousand ounces more than at the end of April, when officially reported 15.373 million ounces . After recalculating the reserve The National Bank of Poland increased last year month by 6.25 tonnes and reached a volume of 515.5 tonnes.

About exceeding the level of 500 tons of gold in April NBP President Adam Glapiński himself informed. However, the official confirmation However, we have to wait for these calculations until June 20, when the National Bank of Poland will publish statistics of liquid assets and liabilities in foreign currencies. However, by In recent years, the preliminary estimates of Bankier.pl have regularly coincided with subsequent NBP publications.

- Poland now has over 500 tons of gold, and its share in reserves exceeded 20 percent. This is the result of a well-thought-out, long-term strategy, which we consistently implement to strengthen the financial security of our country and ensure stability for future generations – announced 24 April, President of the National Bank of Poland, Adam Glapiński.

As it is already clear published data, at the end of May 2025 gold accounted for 22.4% of reserves Polish currency. President NBP Adam Glapiński publicly announced in 2021 that the bank's goal is reaching a state where gold constitutes 20 percent of total currency reserves Polish.

This goal was not only achieved, but even slightly exceeded. This was partly due to large purchases of the bullion implemented by the National Bank of Poland, and partly due to the strong appreciation of gold against dollar and other fiat currencies. Only from the beginning of 2025, gold prices in USD terms went up by 28%, setting a new high at the end of April a new nominal – and also real – all-time record at the level over 3,500 USD per ounce . In 2024, the dollar quotes for the "barbaric relic" rose 27.2% after a 13.2% increase a year earlier, almost doubling for the last 5 years.

At the same time in In the first quarter of 2025, the National Bank of Poland was the largest institutional gold buyer 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

On the gold purchases conducted for almost six years, the National The Polish Bank could earn a good profit. That is, it could if it sold the gold it owned and cashed in the profits. But it is known that he will not do so because the gold reserves They were not increased to make money on them. But to diversify structure of currency reserves, increase Poland's credibility on the markets financial and at least partially become independent from the issuers of dollars and euros, and from foreign governments. However, purely accounting in In 2024 alone, the NBP gained PLN 32.1 billion from the change in gold valuation alone .

Now it is time to bring the purchased gold to the vaults located on in Poland . - At the moment it is about one quarter, because it is the gold we buy nowadays is mainly bought in London and immediately in London is invested in the treasury. When we get the full 20% of the reserves in gold, then we will organize one big gold transport from London to Poland. And there will be one third in Poland, one third in London and yet third in New York – he spoke in during the last press conference, President Adam Glapiński.

A similar transport mentioned by the NBP president has already happened once was organized in the autumn of 2019, when the Bank of England was transported to Poland 3.214 million troy ounces, or 100 tons of gold . As reported by NBP, there were eight transports in total, each containing 1,000 bars. Gold were transported on specially chartered planes for this purpose cooperation of the police, Border Guard and airports in Warsaw and Poznań.

One of the NBP vaults was visited in April deputy editor-in-chief of Bankier.pl Tomasz Goss-Strzelecki . - After opening the armored doors and bars, we have openwork steel crates arranged on shelves. Each of them marked with the NBP logo and the Polish flag and containing gold bars - he described Goss-Strzelecki.

The NBP annual report showed that at the end of 2024, nearly 105 tons of gold were in Poland, while over 343 tons were stored in vaults of the Bank of England and the US Federal Reserve. After purchases from In the first quarter these disproportions are probably even greater and mean that There are approximately 392 tons of NBP gold abroad, which is almost 79% of gold reserves. This means that over 70 tons of gold will need to be transported to Poland.

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