Silver Rises Over 120% YTD 
Poland’s central bank (NBP) now holds 509.3 tonnes of gold, surpassing the European Central Bank’s 506.5 tonnes, according to NBP governor Adam Glapiński. This represents a dramatic increase from just 14 tonnes in 1996 and 102 tonnes in 2016, with the pace of acquisition accelerating significantly after 2022. Gold now constitutes 22% of Poland’s total reserves, exceeding the bank’s 20% target. About 20% of this gold is stored in Poland, with the remainder in New York and London, though the bank plans to eventually distribute it equally across all three locations. Glapiński values the gold at €44.3 billion and notes it has appreciated by approximately €14.12 billion since purchase.
News
Oil Crashed 11%. Gold Went Up. That Tells You Everything.
Oil crashed 11% on Friday when Iran reopened the Strait of Hormuz. Gold went up. That rare divergence — oil down, gold up, same catalyst — signals that gold’s rally is driven by monetary forces, not geopolitical ones. The war premium left oil. The monetary premium stayed in gold. Here is what that means for precious metals investors watching the Fed’s next move.
April 17, 2026
