In an increasing globe trend, we note with interest the following statements made by the National Bank of Poland (NBP). Between 2005 and 2019, the NBP’s gold holdings increased by 125.7 tonnes to 228.6 tonnes and they also confirmed that nearly 50% of Polish gold will be repatriated to their country.
However what is even more telling is that, 95 tons of this increase can be attributed only to the month of June this year. With reference to the increase in their strategic reserves of gold and actions to repatriate a significant portion of Polish gold, the NBP stated that it was their constitutional, statutory and patriotic commitment to not only enhance the economic strength of the Polish state, but also create reserves that will safeguard its financial security.
In returning gold to their country, Poland is following the recent trend set by other European countries. In August 2017, the Bundesbank completed the repatriation of German gold, moving 374 tonnes of bullion from Paris and 300 tons from New York. In 2014, the Netherlands, repatriated 122.5 tons of gold from the US. The Bank of Austria and Hungary are now also in the process of doing so.