When COVID-19 struck, Poles formed long lines outside gold shops, reports Vanessa Gera for the Associated Press (AP). The trend intensified with Russia’s invasion of Ukraine on 24 February 2022, creating another rush for gold, according to AP.
Piotr Kozik, manager at a Warsaw shop selling gold bars and coins from the Mint of Poland, recalls lines for gold surpassing those for Fat Thursday donuts, AP notes. Poles, shaken by the war and the influx of refugees, apparently have found gold to be a source of financial and psychological security.
The AP says that while the immediate rush has subsided, demand for gold remains steady as the war extends into its third year. The report adds that additional unease stems from a migration crisis at Poland’s Belarus border, viewed by Polish authorities as engineered by Russia and Belarus.
Radoslaw Paklikowski, a 38-year-old entrepreneur from Wroclaw, started buying gold and silver coins in 2021, now investing 5% of his assets in precious metals. He emphasizes the importance of having physical gold to ensure safety in times of crisis, AP adds.
The AP report goes on to say that gold’s appeal in Poland is deeply rooted in the trauma of World War II, where it played a crucial role in survival. Families recall stories of ancestors who used gold jewelry or coins to buy food or cross borders during German and Soviet occupations, according to AP.
Marta Bassani-Prusik, head of precious metals trade at the Mint of Poland, notes that clients include Poles with such family histories and people with Polish roots revisiting their heritage. She observes that the market for gold investment surged with the pandemic and the war.
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