Poland has been the world’s biggest buyer of sovereign gold in the last three years. The European country has bought over 130 tons of the precious metal between 2023 and 2025. The purchases have made its central bank reserves reach 700 tons of the glittery metal.
This makes Poland’s central bank the leading buyer of gold this decade. The price of the commodity surged rapidly in the last three years, doubling its value in a short period. This boosted the value of their central bank reserves, and it could be a time to sell.
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Poland To Generate $13 Billion After Selling Gold Reserves & Finance Its Defense Spending?
Bloomberg reported that Poland’s central bank Governor Adam Glapinski plans to sell 550 tons of gold and generate $13 billion. The amount would then be invested in the defense sector to protect its national interests from the ongoing Russia-Ukraine war. The outlet quoted a source familiar with the development that Glapinski laid out the plan, which has also gained the approval of President Karol Nawrocki.
However, the government has not officially released the plan yet, and the decisions are being taken behind closed doors. A source told the news outlet that Glapinski’s idea of selling the 550 tons of gold to raise $13 billion for Poland’s military spending to protect the country has gained the support of Nawrocki. However, the proposal might be in its initial stages as it requires drafting special legislation.
Nawrocki was asked about the plan during a press conference, but he did not reveal the specifics. He made a statement about Poland’s desire to buy F-35 fighter jets from the US. “If we believe that American F-35 aircraft are good for the Polish armed forces and are the most technologically advanced in the world, then we could purchase them from the Polish SAFE 0% program,” he said on Wednesday.