Poland Buys Back 100 Tons of Gold From the Bank of England (The Merkle)
Poland is one of the world’s biggest producers of gold. In a new turn of events, the government decided to flex its financial muscles through an intriguing acquisition.
Most economies around the globe are struggling or in shambles.
Poland Stock up on Gold
Poland is one notable exception, at least where the official figures are concerned.
Its current economy stands at $586 billion and is largely considered to be healthy.
To further strengthen this image, the Polish central bank made an intriguing move.
It decided to buy 100 tons of gold from the Bank of England.
This marks an intriguing time, as Poland has been rapidly increasing its gold reserves as of late.
Although it still has a long way to go to climb the rankings, these moves have not gone by unnoticed.
Gold has not been of great interest to the United States in recent decades.
Some economists feel that could be the US economy’s undoing in the years to come.
Polish central bank Governor Adam Glapinski thinks gold symbolizes the strength of a country.
As such, further increasing the gold reserves in Poland could have some surprising consequences.
Poland is not alone in this regard, as both Serbia and Hungary have undertaken actions to increase their reserves as well.
This only reinforces rumors as to how Eastern European countries are effectively preparing to ditch the US Dollar altogether.
Only time will tell how credibly that rumor mill turns out to be.
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