Poland, which has been rapidly boosting its bullion reserves over the past two years, has repatriated around 100 tons of gold from the Bank of England’s vaults in London. About half of Warsaw’s holdings in the UK were transferred back to the National Bank of Poland (NBP).
While half of Poland’s reserves are still stored in England, the country’s central bank said that it may continue to repatriate the precious metal if the “situation is favorable.”
Poland could generate “multi-billion” profits from selling its bullion holdings, but currently no plans to do so.
Poland has become the 22nd biggest bullion holder in the world; it purchased about 125 tons in 2018 and 2019, increasing its gold reserves to 228.6 tons. The bullion stockpile is now worth around $10.8 billion, according to the NBP.
Central banks around the world have been on a gold-buying spree, pushing total bullion demand to a three-year high in the first half of 2019, according to the World Gold Council.
Russia, China, and Turkey are the top bullion purchasers, Poland, Hungary, and Serbia are also adding to their stockpiles as they seek to diversify their reserves amid global economic uncertainty.
Retrieving gold from the Bank of England has been a major priority for Venezuela as well. Last year, Calixto Ortega, the president of Venezuela’s central bank, led a delegation to London that sought to gain access to it.
However, central bank officials in Caracas have been ordered to no longer try contacting the Bank of England. These central bankers have been told that Bank of England staffers will not respond to them anymore?
Sputnik / ABC Flash Point News 2019.
