Posted on 10/11/2021 5:41:26 PM PDT by aMorePerfectUnion
Poland’s central bank, the National Bank of Poland (NBP), which stunned gold markets back in 2019 when it purchased 100 tonnes of gold bars in London and then promptly flew the gold back to Warsaw, has just confirmed that it now plans to buy another 100 tonnes of gold during 2022.
The news was confirmed this week by Adam Glapiński, president of Poland’s central bank, in a 5 October special interview with Polish magazine ‘Strefa Biznesu’ in advance of the ‘Congress 590’ economic conference in Warsaw. As well as heading the Polish central bank, Glapiński is also an economics professor.
While Poland currently holds 230 tonnes of monetary gold reserves and sits in 24th place in the table, the planned addition of 100 tonnes of gold during 2022 would boost the country’s gold reserves to 330 tonnes and catapult Poland up to 18th place in the rankings, ahead of major gold holders such as the UK, Saudi Arabia, Austria, Spain and Thailand.
“The National Bank of Poland has accumulated a record amount of nearly 230 tons of gold. What is the purpose of the aggregation of such assets by the central bank?”
Adam Glapiński (NBP President):
“First, a short answer, but I hope it appeals to the imagination. Why does the central bank own gold?
Because gold will retain its value even when someone cuts off the power to the global financial system, destroying traditional assets based on electronic accounting records. Of course, we don’t assume that this will happen. But as the saying goes – forewarned is forearmed.
And the central bank is required to be prepared for even the most unfavorable conditions. That is why we see a special place for gold in our foreign exchange management process.
After all, gold is free from credit risk and cannot be devalued by any country’s economic policy. Besides, it is extremely durable, virtually indestructible. Let me give you an example. During the inspection of the NBP gold reserves at the Bank of England, our employees could admire a gold stock from a ship torpedoed during the First World War. The bar, except for minor deformations, was practically intact!
Due to the above factors, gold is treated as the so-called a safe-haven asset, which means that its price usually increases in conditions of increased risk, financial and political crises or other turmoil in the global markets.
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It's time for a GOLD thread!
I don't know if we have a Gold Ping List??
If no one else is already hosting one, I'm happy to do so.
Any other gold bugs out there??
Maybe a “Gold and Silver” ping list?
I like that idea!
Someone used to post a Gold Bingo card with the usual responses about gold. Can’t eat it, my lead will take your gold etc. I tried to find it but no luck.
If a gold and silver ping list IS started, please sign me up.
Even if the new zloty isn't actually backed by gold, they will be in a better position for holding it. Not unlike the US Federal Reserve Bank.
In 2018 Gold was ~$1280.
Poland bought tonnes, but now it’s $1780.
Is gold gaining value or the dollar losing?
In anticipation of being kicked out of EU and therefore an attempt to back their own currency?
Poland is buying all the gold it can because its price is going to explode thanks to Biden. The American economy is getting ready to tank and China will move on Taiwan. This will toss world economic trade into chaos. The odds of a 2022 election is next to none unless Trump replaces Judas Joe as President. China wants two things to survive, The World Reserve Currency and Taiwan.
I’m interested
OK, let’s launch the FR Gold & Silver Ping list!
All founding members will get 100 ounces of gold and 400 ounces of silver!
I’m adding you!
Sounds good. 100/400? yer ratio is off. haha
Add me please!
I used to have a goldbug ping list. I lost it quite a while ago.
Debating.
One bitcoin
Or the same “value” in physical gold.”
Tough choice right now. I’m leaning bitcoin.
Suggestions?
I think long term gold gains value because the amount of other products increases in percentage more than the amount of gold.
Hard to know what is “right”...
So I chose the path less traveled by...
BOTH!
Actually, Gold, silver, bitcoin, etherium, etc.
And in brokerage accounts, coal, oil, gas, royalty interests, fertilizer companies due to the food shortages, and three stocks in argentina that had the crap beaten out of them. In fact, all of those had the crap beaten out of them. I think this is an asymmetric opportunity in those categories.
Your mileage may vary FRiend. Choose what is right for you.
PS - I’ve laid up ammo too.
Hey, come join the party. You’re an old hand!
Shall I add you?
Done!
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