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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
POLAND
- In a press conference on Friday, NBP governor Adam Glapinski mentioned that the share of gold reserves is still 'too low' and the NBP is targeting to increase the share to 10% at first for a long-term target at 20%.
- The chart below shows that the share of gold reserves currently stands at 7.8% of the total amount of reserves assets.
- The decrease we have seen in the past year comes from the significant increase in the total reserves assets as NBP gold reserves have remained steady at around PLN 50bln since the start of 2020.
Source: NBP/MNI
- XAUPLN: Including the bearish retracement we have seen since last summer, gold is still up 53% in PLN terms since the start of the XAU rally in Q3 2018.
- The bear retracement on XAUPLN was nicely stopped by the 6,428 support at the start of last month, which represents the 38.2% Fibo retracement of the 4322 - 7729 range.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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