Poles are stopping buying gold, but the potential is great

Poles are stopping buying gold, but the potential is big

In Poland, as in the whole world, interest in investing in gold is decreasing. In our country alone, several dozen percent less of the gold bullion was purchased than a year earlier.

In 2023, Poles bought as much as about 40 percent. less gold than in the record year 2022 – reports “Rzeczpospolita”. In total, approximately 11.5 tons of gold were purchased in our country, which is less than a year ago, when it was 19 tons, and even two years ago, when Poles bought 14 tons of gold.

This year’s result is better than that of 2020 and the previous years, when the limit of 10 tons of gold sold in Poland was not exceeded. As for the price, on December 28, an ounce of gold cost $2,077, which means an increase of 14%. compared to the beginning of the year.

High-interest savings products in banks, high mortgage installments, as well as higher costs of living for families make Poles buy fewer metal products.

– Adam Stroniawski, Managing Director for Sales at Mennica Skarbowa, listed on the NewConnect market, told “Rzeczpospolita”.

In turn, Michał Stawecki, marketing director of the jewelry company Apart and its subsidiary Mennica.apart.pl, said that recently in Poland there has been growing interest in gold bullion coins, as well as luxury premium jewelry. An investment option for less affluent customers is also the purchase of gold in small bars weighing 1 or 2 grams. Aleksander Pawlak from Tavex notices greater interest in such gold. In some stores, investments in gold are already possible from PLN 50.

The potential for the development of our market itself is large, as the data from Mennica Skarbowa quoted by “Rzeczpospolita” show that only 14% of Polish residents have ever bought gold.