Last year’s top central-bank buyer of gold may now turn into a seller

Central Bank Gold Purchases - The Polish central bank was the largest official-sector gold buyer in 2025, purchasing 95 tons, which is almost double the amount bought by Kazakhstan, the next heaviest buyer at 49 tons [5]. Proposal for Gold Sale - Adam Glapiński, the governor of Narodowy Bank Polski, proposed selling gold reserves to generate up to 48 billion złoty ($13 billion) to fund defense spending [2][4]. - The proposal was presented as an alternative to the European Union's €150 billion Security Action for Europe program during a meeting with President Karol Nawrocki [3]. Defense Spending Context - Poland is seeking financing options beyond the EU's loans-for-weapons program to support an increase in its defense budget to 4.8% of GDP, driven by security concerns following Russia's invasion of Ukraine [8]. - The Polish government is concerned about potential threats to its relationship with the U.S. due to the Trump administration's opposition to the EU program [7].