Tuesday, November 24, 2020

Tag: Poland Makes Largest Gold Purchase in Two Decades

Poland Makes Largest Gold Purchase in Two Decades

by Peter Schiff, Schiff Gold:

You can add Poland to the list of countries buying gold.

The Polish central bank added about seven tons of gold to its reserves in July and another two tons in August, according to International Monetary fund data. It was the largest gold purchase by Poland since 1998.

Poland’s gold bullion reserves now stand at the highest level since at least 1983, according to IMF data.

A number of countries have been buying gold in recent months to diversify reserves and minimize their exposure to the US dollar. Central banks have bought a total of 264 tons of gold this year with Russia leading the way. According to the IMF, central bank purchases accounted for 10% of gold demand through the first half of 2018.