Poland Central Bank To Buy 100 Tons Of Gold In 2022

10.7.21 - Texas is the Future of America -NYT

Gold last traded at $1,756 an ounce. Silver at $22.60 an ounce.

NEWS SUMMARY: Precious metals traded steady Thursday as investors digested economic data and a weaker dollar. U.S. stocks rose as Congress struck a deal to raise the debt limit in the short term and avoid a government default.

Zero Hedge--"In a time when institutions are increasingly shifting away from fiat currency and looking toward cryptos, it is worth recalling that at least when it comes to central banks, there is no digital gold. There is just gold.

To be sure, in a time of unprecedented economic and social turmoil, central bankers' appetite for gold continues to grow, providing a bright spot for the traditional haven as investor interest ebbs.

According to the World Gold Council, global reserves expanded 333.2 tons in the first half of 2021, 39% higher than the five-year average for the period. Strong purchases by Thailand, Hungary and Brazil stood out, with WGC analyst Louise Street predicting that If central banks continue to buy at the levels seen recently, it will provide a supportive element for the market....

According to Poland's Gazeta Wroclawska, Governor Adam Glapinski - the head of the country's central bank, the National Bank of Poland - plans to increase gold reserves by 100 tons next year to strengthen country's financial stability.

In the interview, Glapinski said his plan may take effect when he will be re- elected as Governor as his current term ends in mid-2022.....Glapinski has been good for Poland's gold reserves: during his term, the amount of gold in reserves has more than doubled to 229 metric tons."