Poland Plans To Add Another 100 Tons Of Gold To Its Reserves — “Gold Will Retain Its Value Even When Someone Cuts Off the Power to the Global Financial System, Destroying Traditional Assets …”

- Poland Plans To Add Another 100 Tons Of Gold To Its Reserves
by Tyler Durden, https://www.zerohedge.com/
During a recent interview, Bank of Poland President Adam Glapiński said the central bank plans to add 100 tons of gold to its reserves in 2022.
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As SchiffGold.com details below, the National Bank of Poland began aggressively adding gold to its reserves in 2018. Through the first half of 2019, the Polish central bank added more than 100 tons of gold, nearly doubling its reserves.
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The Bank of Poland currently holds around 230 tons of gold. The country’s gold holding rank as the 23rd largest in the world. Gold makes up about 6.5% of the Bank of Poland’s total assets. That is similar to the percentage of gold held by the US and Germany.
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Why does the Bank of Poland hold gold?
In a nutshell, Glapiński said it is a matter of financial security and stability.
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“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 do not assume that this will happen. But as the saying goes – forewarned is always insured. And the central bank is required to be prepared for even the most unfavorable circumstances. That is why we see a special place for gold in our foreign exchange management process.”
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