Poland’s central bank has dramatically expanded its gold reserves, lifting its bullion holdings to around 550 tonnes, now worth more than €63 billion. The move reflects a long-standing belief inside the National Bank of Poland (NBP) that gold is one of the safest foundations for economic stability.
A Strategic Shift in Poland’s Reserves
NBP president Adam Glapiński has repeatedly stressed that gold offers unique protection. It carries no credit risk, is not influenced by other countries’ monetary policies, and tends to hold firm during financial crises. High gold reserves, he argues, help protect the wider economy from shocks and uncertainty.
That strategy has already reshaped Poland’s reserve structure. In 2024, gold made up just under 17% of foreign exchange reserves. By the end of December 2025, that figure had surged to more than 28%, one of the fastest shifts seen among central banks globally. Most of the buying took place in the final months of 2025, a time of intense market volatility and geopolitical tension.
The ambition goes further. The NBP has set a target of 700 tonnes of gold, with total bullion reserves expected to reach around PLN 400 billion (€94 billion). Earlier this year, Glapiński confirmed plans to push the bank’s board to formally approve further purchases.
Following a Global Gold Rush
Poland’s strategy fits into a wider global trend. Research by the World Gold Council shows that central banks across the world continued to stockpile gold in 2025, using it as a hedge against currency instability and financial crises. Almost all central banks surveyed expect global gold holdings to rise further.
Experts say gold’s independence from monetary policy, its lack of credit risk, and its role in diversification make it especially attractive. Some analysts also point out that not all countries fully disclose their purchases, with China and Russia often cited as examples. For some observers, this hints at preparations for a future financial system in which gold could play a bigger role.
Prices, Power and the Debate Ahead
Poland’s growing stockpile now exceeds that of the European Central Bank, which holds about 506.5 tonnes of gold. While the ECB sets eurozone monetary policy, most bullion is owned by national central banks — and Poland’s 550 tonnes now give it a stronger position within Europe’s financial landscape.
The buying spree has coincided with record gold prices, and forecasts for 2026 remain optimistic. Major banks predict average prices between $4,150 and $5,300 per ounce under strong demand scenarios. Rising purchases by central banks, experts say, are indirectly boosting confidence among private investors as well.
Not everyone agrees with the strategy. Critics argue that money spent on gold could instead be invested in bonds that generate interest income, making reserve management more flexible and productive.
Still, reaching 550 tonnes is seen as a major milestone rather than an endpoint. With further purchases already planned, Poland is positioning gold as a core pillar of its long-term financial security in a world of growing geopolitical tension and shifting economic power.
