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.
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What the IMF’s Inflation Forecast Shift Means for Gold
The IMF spent weeks building its 2026 economic forecast. On May 4, its managing director declared it obsolete — and the reasons why create the clearest structural signal for gold investors this year.
May 5, 2026
