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May 25, 2020
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Poles buy gold. They are trying to escape inflation – Blocksats

Gold is record-high, while in Poland a weak zloty drives demand. There is actually no more physical ore on the market! Poles are hoping that buying coins and bars will help them preserve the value of their savings in times of crisis.

Poles and gold

7.3 thous. PLN for a Trojan ounce (31.1 grams) – that’s how much you pay for gold. This is not a historic world record yet, but we are talking about the highest price since 2012. Since the beginning of this year, gold – counting in Polish zloty – has increased by 25 percent.

Now it is a little calmer, but at the hottest moment the goods in our online store were bought out within 20 minutes, and usually it was enough for a week – said Marta Bassani-Prusik, director of the investment products department at the Mint of Poland on Parkiet TV. – Since the beginning of the year, we have seen increased interest in gold, which intensified significantly in March and April. In the case of smaller bars, we sell a few to several times more than in normal time She added.

Fledgling market

However, the gold market in Poland is small. Currently, it does not exceed several tons. It is possible that our compatriots are not convinced of ore, but in times of crisis this may change.

Michał Tekliński, director of international markets in Goldenmark, in an interview published in Rzeczpospolita, noted that the current climate resembles that of the end of 2008. The economic situation was getting worse, unemployment was rising, and people were buying up precious metals on a mass scale.

According to many analysts, metals are entering the path of long-term increases. 1.7 cautious forecasts announced 1.7 thous. dollars. at the end of 2020, and those more audacious by 2.5 thousand dollars. already in the summer. In turn, Bank of America predicts that gold will reach a historical maximum of 3,000 in 18 months. dollars. per ounce – he says.

In his opinion, this is a likely scenario, but much will now depend on politicians and on how and at what pace the process of defrosting economies and returning people to work. So far, however, there are many indications that we should prepare for the dark scenario.

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