As global markets continue to face volatility, central banks around the world are turning to a familiar safe haven: gold. Leading the charge in 2024 was the National Bank of Poland, which added a remarkable 90 tonnes of gold to its reserves — the largest single-country purchase of the year.
To put this in perspective, South Africa’s total official gold reserves amount to approximately 120 tonnes. In one year, Poland came close to matching that figure in new acquisitions alone.
This bold move is part of a broader long-term strategy. In 2021, the Governor of the National Bank of Poland, Adam Glapiński, announced plans to expand the country’s gold holdings by 100 tonnes. That goal was achieved by the end of 2023 — but the buying didn’t stop there.
By 2024, gold accounted for around 18% of Poland’s total foreign reserves, with plans to increase that figure to 20% in the near future. According to Glapiński, this is about more than just numbers — it’s about strengthening Poland’s financial credibility and security.
“This makes Poland a more credible country. We have a better standing in all ratings, we are a very serious partner, and we will continue to buy gold,” he stated in a recent address.
But Glapiński’s rationale goes even deeper. In a world increasingly reliant on electronic records and fiat currency systems, he views physical gold as a reliable safeguard against systemic financial risk.
“Gold will retain its value even if someone cuts off the power to the global financial system, destroying traditional assets based on electronic accounting records. Of course, we don’t assume this will happen. But as the saying goes – forewarned is forearmed. And the central bank must be prepared for even the most unfavourable circumstances.”
He further emphasised gold’s unique characteristics:
“Gold is free from credit risk and cannot be devalued by any country’s economic policy. Besides, it is extremely durable, virtually indestructible.”
This continued accumulation of gold by central banks — especially in the East — reflects a shifting sentiment in global finance. Nations are increasingly recognising the value of tangible, sovereign-held assets in a time of geopolitical uncertainty and monetary experimentation.
At Moon Investments, we view moves like these as a compelling reminder of why gold, silver, and platinum remain pillars of any well-balanced investment portfolio. Whether you’re a central bank or an individual investor, the message is clear: precious metals endure.
