Globally, central banks added a net 126.5 tons of gold to their reserves last month, led by the announcement of a 94.9 increase in Polish gold reserves. That brings total reported central bank gold purchases on the year to approximately 378 net tons.
Last week, we reported that Poland added 100 tons of gold to its reserves through the first half of the year and that it plans to move at least half of that hoard out of London to National Bank of Poland vaults in Warsaw. Although officials haven’t said so publicly, Poland’s move to repatriate part of its gold holdings indicates that there is perceived risk in keeping the metal stored in London, exacerbated by England’s confiscation of Venezuelan gold.
Peter Schiff recently appeared on RT with Rick Sanchez to talk about the subject. And he said the US is an even more dangerous place for other countries to store gold than Great Britain.
Poland has added 100 tons of gold to its reserves through the first half of this year and plans to move at least half of its hoard from England to National Bank of Poland vaults in Warsaw.
We’ve reported extensively on gold purchases by central banks, particularly China and Russia as those countries seek to diversify reserves and decrease their exposure to the US dollar. Just this week, China announced that it added another 10.3 tons of gold to its reserves in June. While many of the countries most aggressively buying gold have contentious relationships with the US, we’re seeing a growing number of “friendly” nations increasing their reserves as well.
You can add Poland to the list of countries buying gold.
The Polish central bank added about seven tons of gold to its reserves in July and another two tons in August, according to International Monetary fund data. It was the largest gold purchase by Poland since 1998.