Daily Gold Market Report

Poland Outpaces China in Gold Purchases
Aims for 20% Reserve Increase

(USAGOLD – 10/12/2023) Gold continues a good week, adding to it’s gains this morning, up $9.20 from yesterday’s close at $1883.56 per ounce. Silver is trading at $22.11, up 7 cents. In recent data from the World Gold Council (WGC), as of October 4, Poland surpassed other nations in the second quarter by acquiring 48.41 tonnes of gold, while China bought 45.1 tonnes. Records from September reveal that Poland has increased its gold reserves by 85.7 tonnes since April. Adam Glapinski, the President of the National Bank of Poland, emphasized Poland’s commitment to further gold purchases, expressing an ambition to elevate gold’s share in its reserves from the present 11.2% to 20%.

USAGOLD Comment: Sovereign gold acquisitions like these underscore the growing desire by nations to bolster reserves with real assets. China is expected, but Poland is a bit of surprise.  Their aggressive acquisition reinforces the role gold’s value and stability plays in a portfolio (whether an individual or a nation), also signaling a broader trend of hedging against economic uncertainties and diversifying away from traditional fiat currencies, namely the dollar.  Something individual investors should continue to monitor and take note…

World Gold Council Q2 2023