What do Poland and Brazil have in common? At first glance, little: a NATO member on Europe's eastern flank and an emerging market in South America. At second glance, everything: both are buying gold at a historic pace in 2026 — and both cite the same three reasons. The pattern behind this describes a global shift in the reserve strategy of central banks.
The National Bank of Poland (NBP) is the largest gold buyer worldwide in 2026. Already 82 tons have been acquired in the current year, with total reserves standing at 632 tons. With this, Poland overtook the European Central Bank, which holds 506 tons — a milestone that received little attention in Europe.
NBP President Adam Glapiński clearly formulates the goal: 700 tons of total reserves. He stated publicly that gold is free of credit risk, independent of the monetary policy decisions of other countries, and resilient to financial shocks. This is not an occasional purchase — it is a strategy.
Brazil has drastically increased its gold holdings in a short period. With currently 145 tons and a gold share of 7.19 percent of total reserves — previously it was 3.55 percent — the Brazilian central bank shows: gold is no longer a marginal position, but a central element of the reserve strategy. In September 2025 alone, Brazil bought 15 tons in a single month.
The background: Brazil is part of a group of emerging markets that actively want to reduce their dependence on the dollar — and see gold as the most politically neutral alternative.
74 percent of all central banks worldwide expect, according to a survey by the World Gold Council, that the dollar's share in global reserves will fall over the next five years. Gold is the preferred alternative — because it is not issued by a government, is not subject to sanctions, and knows no counterparty.
For Poland, whose neighbor Russia was confronted with frozen foreign exchange reserves in 2022, this lesson is particularly poignant. For Brazil, the same applies within the framework of a broader strategy for economic independence.
Gold cannot be frozen, sanctioned, or digitally switched off. This is an argument that has gained weight worldwide since the year Russian foreign exchange reserves were frozen. Poland lies on NATO's eastern flank — the strategic decision to keep gold physically in the country and massively expand reserves is a direct response to the changed security situation in Europe.
Brazil uses gold as a neutral asset in a multipolar world where Western financial sanctions and Eastern counter-movements exist simultaneously. Gold stands outside both blocks.
A US Treasury bond has an issuer: the US government. A Euro bond has an issuer: the European Union or a member state. Gold has none. It cannot default because it has nothing to promise — it is the asset itself.
This makes gold the only reserve asset that retains its value in every geopolitical constellation. Gold is currently trading at 4,225 US dollars per troy ounce. Read also our analysis: 289 Tons in One Quarter — The Global Buying Wave.
When state institutions systematically build up gold, it is a signal. It does not automatically mean that gold will rise tomorrow — but it shows that gold is taken seriously as a strategic reserve asset by the world's smartest long-term investors. The demand base is structurally more stable than for any other precious metal.
The National Bank of Poland is pursuing an officially communicated strategy: a target of 700 tons of gold reserves. The reasons are geopolitical hedging, reducing dollar dependency, and building a credit-risk-free reserve block. Poland is located on NATO's eastern flank and has learned from frozen foreign exchange reserves in its neighborhood.
Brazil doubled its gold share of reserves because the country wants to reduce its dependence on the dollar. For Brazil, gold is the most politically neutral reserve asset: no Western counterparty, no default risk.
Yes. With 632 tons, Poland holds more gold than the European Central Bank with 506 tons. This is a historic milestone that shows how seriously Poland is taking the increase of its gold reserves.
Legal Notice: This article is for informational purposes only and does not constitute investment advice. All information without guarantee. Investments in precious metals and securities involve risks. Please consult an independent financial advisor before making investment decisions.
