The National Bank of Poland (NBP) has quietly built one of Europe's largest sovereign gold hoards, now exceeding the European Central Bank's own reserves. With approximately 550 tonnes of bullion valued at over €63 billion, Warsaw is positioning gold as a cornerstone of its financial security strategy.
NBP President Adam Glapiński has long championed gold as a reserve asset free from credit risk and immune to the monetary policy decisions of other central banks. In a period of heightened market volatility and geopolitical tension—particularly during the final months of 2025—the bank executed its largest purchases, accelerating a shift that saw gold's share of Poland's foreign exchange reserves jump from 16.86% in 2024 to 28.22% by the end of last year.
Ambitious Target: 700 Tonnes
Glapiński announced in January that he would seek a formal resolution from the NBP's management board to raise reserves to 700 tonnes of gold, with a total value target of approximately PLN 400 billion (€94 billion). This would make Poland one of the top gold-holding central banks in Europe, trailing only Germany and Italy.
The move aligns with a global trend. According to the World Gold Council, 2025 saw a continuation of central bank gold accumulation, with 95% of surveyed institutions expecting global holdings to increase over the next twelve months. Marta Bassani-Prusik, director of investment products at the Mint of Poland, explained the rationale: 'One of the key motivators for central banks is the independence of the gold price from monetary policy and credit risk. Equally important is asset diversification and reducing the share of the dollar and other currencies in reserves.'
Poland's accumulation is particularly notable because it now holds more gold than the European Central Bank itself, which manages around 506.5 tonnes. While the ECB oversees eurozone monetary policy, the bulk of gold reserves remain with national central banks. Warsaw's growing hoard strengthens its position in the European financial architecture, especially as it continues to assert its economic voice on the continent—a role amplified by its recent G20 seat, as covered in Poland Leverages G20 Seat to Amplify Central European Economic Voice.
Critics, however, question the strategy. Gold generates no interest income, unlike bonds, and some economists argue that funds tied up in bullion could be deployed more productively. They contend that a high proportion of gold may limit the flexibility needed for modern reserve management, particularly in a dynamic economy like Poland's.
Despite these reservations, the NBP's purchases have coincided with record gold prices. Forecasts for 2026 remain optimistic: ING estimates an average price of around $4,150 per ounce, Deutsche Bank $4,450, and Goldman Sachs $4,900. In a high-demand scenario, J.P. Morgan projects as much as $5,300 per ounce. 'Rising demand from central banks is a response to economic tensions and dynamic geopolitical changes,' Bassani-Prusik noted. 'Although institutional purchases do not directly translate into prices, they indirectly influence the decisions of individual investors.'
For Poland, the gold strategy is part of a broader effort to insulate the economy from external shocks. As the Mint of Poland observes, greater market uncertainty drives interest in safe-haven assets, and retail investors are increasingly aware of gold's role in long-term capital protection. This trend is mirrored across Europe, where countries like Germany and the Netherlands also hold substantial gold reserves, though Poland's rapid accumulation stands out.
The NBP's approach reflects a calculated bet on gold as a hedge against currency crises and financial instability—a bet that, so far, has paid off in both symbolic and material terms. Whether the target of 700 tonnes is reached will depend on market conditions and the bank's resolve, but Warsaw has made clear it has no intention of slowing down.
