“At the end of 2025 gold resources amounted to 550 tons and had a value, according to current prices, of USD 76.5 billion, i.e. nearly PLN 276 billion” – informed the President of the NBP, Adam Glapiński, in mid-January this year. He boasted that over the last 12 months NBP was the largest purchaser of gold among central banks, increasing its resources by over 100 tons.
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It might seem that huge vaults are needed to store such large amounts of gold. Meanwhile, due to the high density of the ore, it takes up relatively little space. If all this gold were melted into one cube, its side would be about 3 m. Such a lump would fit in a typical living room in a block of flats.
Polish gold at the National Bank of Poland. Where is it located?
In fact, gold is stored in bars that are stacked on pallets. For this reason, it needs a little more space, but still, the space needed is not much.
So much for theory, but for practice? Where is Polish gold stored anyway? This question was asked at the NBP by Rafał Mundry, one of the well-known analysts who boasted about the information obtained on social media.
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At the end of 2025, NBP had 105 tons of gold in Poland, 195 tons in USA (New York Fed) and 250 tonnes in the UK (BoE London). Thus, less than 20 percent the ore was located in the country and the rest abroad.
Gold at the National Bank of Poland. Why do central banks buy bullion?
Central banks, including the National Bank of Poland, accumulate gold primarily as a strategic asset a “safe haven” that protects state reserves against the effects of financial crises and geopolitical tensions. This metal plays a key role in asset diversification because its value is independent of the monetary policy of other countries and the condition of currencies such as the dollar or euro.
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Having significant gold resources, which in the case of Poland reached a record level of 550 tons at the beginning of 2026, significantly it strengthens the country's payment credibility internationally and stabilizes the purchasing power of reserves in periods of high inflation.
Thanks to its low correlation with other asset classes, gold is the foundation of long-term financial stability, being a credit risk-free asset that cannot be “printed” or arbitrarily devalued.
