Poland Repatriates Gold From Bank of England Storage to ‘Show Strength of its Economy’


Bloomberg via Yahoo Finance

Poland Repatriates Gold From Bank of England Storage to ‘Show Strength of its Economy’

Poland brought about 100 tons of gold home from the Bank of England in a bid to demonstrate the strength of nation’s $586 billion economy, central bank Governor Adam Glapinski said.

The institution bought about 126 tons in 2018 and 2019 to increase its gold reserves to 228.6 tons. As a result, the country has become the 22nd-biggest bullion holder in the world and has the biggest reserves of the metal in the European Union’s east, the central bank said.

Glapinski said the central bank will keep bringing the precious metal home if the “reserve situation is favorable.”

“The gold symbolizes the strength of the country,” Glapinski told reporters on Monday. Poland could generate “multi-billion” profits if it sold its holdings but has no plans to do so, he said.

Central banks, including those of Hungary and Serbia, loaded up on gold in the first half of 2019, helping push total bullion demand to a three-year high, according to the World Gold Council. Central banks around the world have been adding to reserves as economic growth slows, trade and geopolitical tensions rise, and authorities seek to diversify away from the dollar.

Poland had $121.9 billion in official reserves, including gold, as of Oct. 31.

Courtesy of Bloomberg via Yahoo Finance

NEWS and COMMENTARY

Gold gains as Hong Kong tensions fuel trade deal doubts

China warns U.S. of consequences over HK law, mum on steps planned

China accuses US of ‘sinister intentions’ after Trump signs bills supporting Hong Kong protesters

World stocks stall as U.S.-China tensions flare again

Deutsche Bank sells $50 billion in assets to Goldman Sachs amid overhaul=

Approximately 731 banks and 140 government sites were torched in recent unrest in Iran


Watch Podcast Here


GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

27-Nov-19 1459.80 1454.35, 1134.12 1129.74 & 1326.23 1322.30
26-Nov-19 1457.65 1454.65, 1133.76 1131.86 & 1322.96 1321.11
25-Nov-19 1459.45 1458.40, 1133.41 1130.84 & 1325.33 1323.35
22-Nov-19 1471.30 1464.45, 1143.05 1140.22 & 1330.35 1326.06
19-Nov-19 1464.90 1468.45, 1132.37 1134.23 & 1323.68 1325.86
18-Nov-19 1458.40 1467.65, 1124.86 1132.59 & 1318.10 1325.88
15-Nov-19 1465.60 1466.90, 1138.04 1136.41 & 1329.59 1327.84
14-Nov-19 1467.65 1466.65, 1141.39 1142.52 & 1334.24 1333.18
13-Nov-19 1463.45 1462.90, 1138.86 1140.62 & 1328.23 1328.46
12-Nov-19 1455.00 1452.05, 1134.03 1130.42 & 1319.69 1318.17


SIGN UP FOR OUR AWARD WINNING MARKET UPDATES HERE


Mark O'Byrne

Also on news-goldcore-com

Videos

When will Silver Break Out? Is Triple Digit Silver Still on the Cards?

Is Gold Still in a Bull Market?

Gold Mining Operation Supply Issues Points to a Sustained Bull Market for Gold

Blog posts

Quantitative Easing: A Boon or Curse?

Central banks’ massive Quantitative Easing (QE) programs have come under scrutiny many times since the central banks fired up the printing press and began quantitative easing programs en masse after the 2008-09 Great Financial Crisis. However, the increase in central bank assets due to quantitative easing programs during the crisis pale in comparison to the […]

READ MORE

The Fed’s Inflation Gamble Continues

The fed’s inflation gamble continues… Are central banks trapped? Last week’s Fed statement and the press conference that followed proved to be the start of a US$90 (4.8%) decline in the gold price. Fed on Economic Recovery The Summary of Economic Projections (known as the dot-plots) released with the statement showed that committee members changed […]

READ MORE

Gold as a Currency- Interactive Gold Charts

Gold has a long history as a currency and as part of the monetary system. The use of gold as a currency dates back to 600 BC in what is present-day Turkey. Coins were first made of electrum – which is an alloy made up of gold and silver, with trace amounts of other metals. […]

READ MORE

Featured

How High is Too High for Rising Government Bond Yields?

READ MORE

Gold, the Tried-and-True Inflation Hedge for What’s Coming!

READ MORE

Silver – 7 Reasons it is Still Set to Soar

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

When will Silver Break Out? Is Triple Digit Silver Still on the Cards?

Is Gold Still in a Bull Market?

Gold Mining Operation Supply Issues Points to a Sustained Bull Market for Gold

Blog posts

Quantitative Easing: A Boon or Curse?

Central banks’ massive Quantitative Easing (QE) programs have come under scrutiny many times since the central banks fired up the printing press and began quantitative easing programs en masse after the 2008-09 Great Financial Crisis. However, the increase in central bank assets due to quantitative easing programs during the crisis pale in comparison to the […]

READ MORE

The Fed’s Inflation Gamble Continues

The fed’s inflation gamble continues… Are central banks trapped? Last week’s Fed statement and the press conference that followed proved to be the start of a US$90 (4.8%) decline in the gold price. Fed on Economic Recovery The Summary of Economic Projections (known as the dot-plots) released with the statement showed that committee members changed […]

READ MORE

Gold as a Currency- Interactive Gold Charts

Gold has a long history as a currency and as part of the monetary system. The use of gold as a currency dates back to 600 BC in what is present-day Turkey. Coins were first made of electrum – which is an alloy made up of gold and silver, with trace amounts of other metals. […]

READ MORE

Featured

How High is Too High for Rising Government Bond Yields?

READ MORE

Gold, the Tried-and-True Inflation Hedge for What’s Coming!

READ MORE

Silver – 7 Reasons it is Still Set to Soar

READ MORE