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Poland Successfully Repatriates 100 Tons of Gold

  • 100 metric tons of Polish bullion is successfully repatriated back from England. The amount equals almost half of the country’s total gold reserve.
  •  “The (repatriated) gold symbolizes the strength of the country”, said Adam Glapiński, the Governor of National Bank of Poland.

Gold has always been seen as the ultimate financial asset by governments, leading many of the world's nations to build precious metals reserves. Around two hundred thousand tons of gold is held in the custody of Central Banks acrouss the world. 

Poland joined the gold buying club last year when it made its largest gold purchase after two decades. Following the lead of Russia, China, Turkey, Indonesia, Egypt, and the now-independent former Soviet states of Tajikistan, Kazakhstan, Kyrgyzstan, Poland also started buying bullion. This brought the country's reserves to a 35 year high. The purchase indicates a clear intent by the government of Poland to increase their reserves.

Now they have successfully repatriated 100 tons gold that were stored in England, which is more than 50% of their total bullion reserves. 

A trend worldwide:

However, Poland is not the only country repatriating their gold back home. Amid international financial instability and uncertainty of the future of the Eurozone, other nations have also set forth a gold repatriation program.

  • It all started with Venezuela, who moved 160 tons of gold from the US back to Venezuela at the request of then-President, Hugo Chavez. However, the UK government refused to return Venezuela's gold and confiscated 14 tons of the metal under the influence of the US in order to put pressure on the Chavez government. This move created doubts in the minds of the economic and financial policymakers around the world.
  • Since then Germany, the second-largest bullion holding country in the world and the largest in the EU, repatriated more than 600 tons of their gold from New York and Paris.
  • The Netherlands received 122 tons of gold reserves from New York. The De Nederlandsche Bank said that " in times of financial crisis, it was better to have the gold near at hand.”
  • Belgium, Switzerland, Austria, India, Mexico, Thailand, Sri Lanka, and Bolivia and Bangladesh also repatriated or purchased gold to increase their gold reserves.

All those efforts to repatriate gold reserves within the nation’s border underline the increasing importance of holding gold bullion physically close, especially when it comes to government manipulation. Physical precious metals custory allowes for Central Bankers to have greater peace of mind when it comes to their financial books. It also provides much-needed strength during times of financial meltdown, as the world experienced in 2009. Today, nations seem focused on holding physical bullion in place of fiat currency or bonds. As we saw in the case of Greece, barter can become an important tool in case of an emergency. Gold is recognized as a valid asset with legal financial tender value, and can be used even in the worst economic catastrophe.

We are living in the time of the greatest innovations and ever-changing socio-economic dynamics. Political tensions worldwide have weakened the economy and issues like trade wars, defaulting countries and failing of the strong economic blocs like the EU have left the financial system as we know it at the brink of global economic disaster. Hence, the NBP statement;

“gold is the ‘most reserve’ of reserve assets: it diversifies the geopolitical risk and is a kind of anchor of trust, especially in times of tension and crises.”

With nations exploring ideas like shifting to gold-based crypto-currencies, having gold physically present in the nation’s vaults can provide any king of leverage that may be needed in the future. Poland is one of the first cryptocurrency-friendly nations, so they may need their gold supplies sooner rather than later, especially in the case of a global digital financial initiative. In times like these, it seems like many European countries making the right move with their repatriation. 

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