In order to reduce their exposure to the U.S. dollar, the global reserve currency, many countries are diversifying their portfolios and making gold a large part of their assets.
You can add Poland to the expanding list of nations boosting their gold holdings.
According to new International Monetary Fund (IMF) data, the National Bank of Poland acquired seven tons of gold to its reserves in July and an additional two tons in August. This is the largest amount of gold bought by the country in 20 years.
In total, Poland’s gold reserves are at their highest levels since 1983.
But this has been par for the course for several central banks. In fact, central banks accounted 10 percent of global gold demand, led by Russia, which added more than 26 tons in July. Other nations include Kazakhstan, Mongolia, Serbia, Egypt, and Turkey.
(h/t Schiff Gold)
If the “Big Boys” see a reason to have Gold as their backing, shouldnt the little guys do the same?