We still have to wait for a full summary of 2022 from the Mint, but we already know that it was another year marked by a boom in the gold market. This precious metal in its physical form – coins and bars – has been steadily gaining new followers for the past 2-3 years. You can read about the reasons for its popularity on our blog.
The last 2-3 years have seen a real boom in the gold market.
This precious metal, in the form of coins and bars, has been steadily gaining popularity for months, attracting new supporters.
The situation was no different in 2022. In 2019, the last year before the pandemic, Poles bought 5 tons of gold, while in 2021 sales reached 14 tons. According to our estimates, sales on the Polish market in 2022 may reach 18 tons.
In the first three quarters of 2022 alone, the Mint sold 3.5 tons of gold, which is almost 30% more than in the previous year.
Response to the economic crisis
The gold market, and specifically the demand for this precious metal, is highly dependent on the economic situation, but not only that. Recent years have demonstrated this perfectly. The first event that increased interest in physical gold was the pandemic and the ensuing economic crisis. Many people seeking security turned to safe havens, such as precious metals like gold and silver. The more talk there is about the difficult economic situation and the crisis, the more investors' attention turns to gold.
Buying gold – a response to the war in Ukraine
Queues at gold sales points could be seen after the outbreak of war in Ukraine. This situation also attracted people who had no previous investment experience and had not secured their savings in any way. However, in the face of aggression just beyond our country's borders, they decided to take care of their cash, and physical gold gave them the security they expected.
Anti-inflation shield
Interest in gold is also fueled by decisions made by the National Bank of Poland and the steadily rising inflation that follows. Our savings are losing value almost overnight, and more and more Poles, who until now have been keeping them in the proverbial sock, are realizing that this is the wrong decision.
More and more often, customers include people who can spend smaller amounts on this purpose. This reflects growing awareness of gold purchasing – after all, even a few hundred zlotys is enough to buy a bar or coin.
New Customers
The year 2022 brought a significant expansion of the group of people interested in gold. We have noticed that investors who previously invested their funds in the real estate market are increasingly appearing among our customers. Gold is also sought after by those who have previously secured their savings in the form of deposits. With inflation constantly rising, these have become unprofitable, so gold, which allows you to maintain the purchasing power of your money and even offers the chance of a profit, is becoming an attractive alternative.
Most frequently selected
The gold market is divided into investment and collectible products, but it is investment gold in the form of bullion coins and bars that leads the way in terms of the number of products sold, both in terms of pieces and weight of goods sold.
In 2022, customers of the Mint most often purchased:
- 1 oz Australian Kangaroo Gold Coins
- 1 oz Canadian Maple Leaf gold coins
- 1-ounce gold bars
- 1 oz Krugerrand gold coins
- 10g gold bars
It is worth noting that the war in Ukraine was not only a factor that drove customers towards gold, but also influenced their specific choices. We noticed that they were more likely to choose smaller weights of gold, as it is easier to sell or exchange for other goods if necessary.
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