Since the Russian invasion of Ukraine on February 24, 2022, Poles have increasingly turned to gold as a safe haven amidst geopolitical uncertainty. On the day typically reserved for lining up for pączki, jelly-filled donuts, Poles instead queued up to purchase gold bars and coins from shops like the one managed by Piotr Kozik, where demand rivaled that of the local bakery.
While the lines have subsided, Poland’s appetite for gold remains robust, a trend that began during the COVID-19 pandemic and has persisted due to ongoing global uncertainties. Marcin Grzesiak, residing near the Belarus border, recently exchanged 29,000 Polish zlotys ($7,000) for three gold coins, citing concerns about geopolitical instability and a desire to diversify investments amidst fears of potential cyberattacks disrupting financial systems.
Marta Bassani-Prusik, head of precious metals trade at the Mint of Poland, noted that gold sales surged during both the pandemic and the current conflict, reflecting widespread anxiety over unfolding events. Economic pressures, including post-pandemic inflation reaching 18%, further bolstered interest in gold as a hedge against financial volatility.
The historical significance of gold in Polish culture, rooted in memories of survival during World War II, continues to resonate. Many families recount how gold coins and jewelry provided sustenance and even escape during times of strife, shaping a collective consciousness that values the tangible security offered by precious metals.
Reflecting this sentiment, entrepreneur Radoslaw Paklikowski, 38, allocates 5% of his assets to precious metals, viewing them as essential for ensuring family security in uncertain times. The Polish central bank has similarly embraced gold, with plans initiated by Bank President Adam Glapiński in 2021 to expand reserves by 100 tons, achieving a 57% increase to 359 tons by September 2023, making Poland the world’s second-largest gold buyer that year.
Glapiński reaffirmed the central bank’s commitment to further bolstering gold reserves, emphasizing its role in enhancing national financial security and stability. His stance underscores a broader recognition among Poles of gold’s enduring value, serving as a safeguard against potential disruptions to the global financial system.
As uncertainties persist, Poland’s embrace of gold highlights a prudent approach to wealth preservation and risk management, offering lessons that resonate beyond its borders.
