Gold rush: Poles sought safety in gold rather than deposits during pandemic

In the year 2020 fraught with COVID-19 pandemic uncertainties, Poles purchased nearly two times more investment gold than in 2019, the “Rzeczpospolita” daily reported.

Lowest interest rates in Poland’s history

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As the newspaper established, low-interest rates and a general pandemic-induced uncertainty on the market pushed consumers towards investments in gold, which many times before turned out to be par for the course when crises affected the global economy.

“Always considered as a stable and safe deposit, over the summer gold broke the price records during summer following the global outbreak of the interest in such an investment,” the daily reported, stressing that the gold boom is far from over.

“According to our estimations, the demand for gold over 2020 was around 9.3 tonnes,” Michał Tekliński, the international markets director at Goldenmark Group told “Rzeczpospolita.”

“The most popular products remain one-ounce coins and ingots, as well as smaller ingots, weighing 1,2 or 5 gramms. The most popular coins were Australian Kangaroos, Vienna Philharmonics, Krugerrands and Canadian Maple Leaves,” he added.

Mr Tekliński also stressed that gold was the most expensive in history on August 7 when the price for it was USD 2,061.5 per ounce.

“From that time, the price has slightly dropped, but it still is on the high level. The upcoming months are not expected to be calm, so the demand should go up,” the daily forecasts.