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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Silver Market Shock: CME Margin Hike Signals Bull Market
The silver market is facing a margin-driven shock that’s rattling prices but may be confirming something far bigger. A sharp CME margin hike is forcing leveraged traders to liquidate, triggering short-term volatility. But history shows these mechanical pullbacks often occur inside powerful bull markets—not at their end. This moment may be less about price and more about structure, leverage, and what comes next for silver.
January 1, 2026
