Poland is buying up gold at a record pace: its reserves are already larger than those of the ECB
9 July 10:57
The National Bank of Poland has already accumulated more gold than the European Central Bank, and it has no intention of stopping. Warsaw views the precious metal as a strategic asset for protecting the economy from global crises, and its ultimate goal is to increase its reserves to 700 metric tons. This policy has already made Poland one of the most active buyers of gold among the world’s central banks.
Euronews reports this, citing the National Bank of Poland (NBP), the World Gold Council, and market experts, according to
Poland Already Has More Gold Than the ECB
As of early 2026, the National Bank of Poland’s gold reserves stand at 550 metric tons, while the European Central Bank’s reserves are estimated at approximately 506.5 metric tons.
NBP President Adam Glapiński has repeatedly emphasized that gold is one of the key elements of the state’s financial security.
“Gold plays a special role in the structure of international reserves. It is an asset free of credit risk, independent of other countries’ monetary policies, and resilient to financial shocks. High gold reserves contribute to the stability of the Polish economy,” Glapiński stated.
The Polish central bank’s ambitions remain high. The next goal is to accumulate 700 metric tons of gold, and the total value of gold reserves is expected to reach approximately 400 billion zlotys.
“I will ask the Board of the National Bank of Poland to approve a decision to increase gold reserves to 700 metric tons,” the head of the NBP announced in January 2026.
The share of gold in Poland’s reserves is growing rapidly
While at the end of 2024 the precious metal accounted for 16.86% of Poland’s foreign exchange reserves, by the end of 2025 this figure had risen to 28.22%.
The largest purchases took place in the final months of 2025—a period marked by heightened volatility in global financial markets and escalating geopolitical tensions.
As a result, Poland became one of the most active buyers of gold among the world’s central banks.
Central banks are flocking to gold
According to the World Gold Council, the global trend toward gold accumulation is only intensifying.
In 2025, 95% of the central banks surveyed by the organization stated that they expect global gold reserves to continue growing over the next 12 months.
Marta Bassani-Prusik, Director of Investment Products at the Polish Mint, explained the reasons behind this trend.
“One of the key drivers for central banks is the independence of the gold price from monetary policy and credit risk. Equally important are asset diversification and reducing the share of the dollar and other currencies in international reserves,” she noted.
According to experts, certain countries, notably China and Russia, may be accumulating gold at a faster rate than officially reported, viewing it as a strategic tool in the new architecture of the global financial system.
Banks forecast further growth in the price of gold
Poland’s purchases are taking place against the backdrop of historically high prices for the precious metal.
According to forecasts by the world’s largest financial institutions:
- ING expects an average price of about $4,150 per troy ounce;
- Deutsche Bank forecasts $4,450;
- Goldman Sachs has raised its forecast to $4,900;
- J.P. Morgan anticipates a rise to $5,300 per ounce if strong global demand persists.
Despite these optimistic forecasts, economists point out that gold does not generate current income, unlike government bonds, for example. At the same time, proponents of this strategy emphasize that gold is the best safe-haven asset during times of crisis.
“The greater the uncertainty in the markets, the greater the interest in assets perceived as ‘safe havens,’” emphasized Marta Bassani-Prusik.
As reported by
