Poland brings home 100 tons of gold from Bank of England

Poland, which has been rapidly boosting its bullion reserves over the past two years, has repatriated around 100 tons of gold from the Bank of England’s vaults in London.

Around half of Warsaw’s holdings in the UK were transferred back to the National Bank of Poland (NBP), the central bank’s governor, Adam Glapinski, announced on Monday.

“The gold symbolizes the strength of the country,” Glapinski told reporters. Some photos and videos emerged online showing the official holding a gold ingot in front of a bank vault.

While half of Poland’s reserves are still stored in England, the country’s central bank said that it may continue to repatriate the precious metal if the “reserve situation is favorable.”

Poland could generate “multi-billion” profits from selling its bullion holdings, but currently no plans to do so, Glapinski said.

Poland has become the 22nd biggest bullion holder in the world; it purchased about 125 tons in 2018 and 2019, increasing its gold reserves to 228.6 tons. The bullion stockpile is now worth around $10.8 billion, according to the NBP.

Central banks around the world have been on a gold-buying spree, pushing total bullion demand to a three-year high in the first half of 2019, according to the World Gold Council. While Russia, China, and Turkey are the top bullion purchasers, Poland, Hungary, and Serbia are also adding to their stockpiles as they seek to diversify their reserves amid global economic uncertainty.

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