The National Bank of Poland (NBP) lost PLN 485 billion for investment in gold, wrote on X Lech Wilczyński, one of the Early Adopters of BTC in Poland. Is he right?
NBP lost in gold?
Lech Wilczyński made available to the 10th post with calculations regarding the NBP investment in gold. Its author calculated in it that today I pay PLN 500 for a grain of gold.
The NBP bought a total of about 412.5 tons of gold since 2018. In 2018-27.5 tons of about PLN 145 per gram. In 2019-100 t after about PLN 145 per g. In 2020-130 t for about PLN 300 for g etc.
– We keep reading.
This would suggest an investment shot in 10. But Wilczyński looks at the matter differently: in his opinion, the NBP lost as much as PLN 485 million! And all this because of an investment in gold. More precisely: “This is an alternative cost of the lack of investment in Bitcoin at the same moments.”
This analysis does not take into account the additional increase in Bitcoin’s value by the supply of such capital and the importance of purchase by an important central bank in Europe
he added.
The central bank prefers security
In recent years, we have been observing a clear increase in interest in gold from central banks around the world. This is not an accident – this criminal has been a safe marina for centuries in times of economic and geopolitical uncertainty. Among the institutions that particularly intensively increase their gold reserves, the NBP is. And it is difficult to blame the central bank that he is investing in gold – after all, it is a safe investment, and giving, as we know today, a good return on investment.
Gold is perceived as a value of exceptional resistance to crises. In contrast to fiduci currencies, which may lose value due to inflation or political decisions, it retains real purchasing power even in difficult market conditions. For central banks, including the NBP, it is a kind of “fuse” in foreign currency reserves.
The purchase of gold by the NBP is a response to the growing geopolitical uncertainty: a potential war with Russia and other geopolitical turmoil.
It is hard to have a grudge against President Adam Glapiński that he did not change the bullion into bitcoins, because the investment in the latter is still considered too speculative. Something else was a mistake: the fact that the NBP did not even invested in cryptocurrency, even 1% of its resources. This would be an optimal solution.
