“Poles are increasingly willing to buy investment gold products, treating it as a safe form of saving for the long term. Last year, Poland set another record for gold sales. We estimate that clients bought a total of around 19 tonnes of gold bullion products, which places our country in the Top 5 in Europe in terms of sales volume”, said Jarosław Żołędowski, President of the Treasury Mint.
According to the president of the Treasury Mint, the demand for gold will certainly grow in the medium term. The war in Ukraine, pervasive inflation around the world and the recent turmoil in the global banking market will reinforce this trend. For this reason, this industry is becoming increasingly competitive and more and more companies are trying to find a place in this segment of the economy, including well-known jewellery companies as well as mining companies.
The Treasury Mint will develop intensively this year. The expansion of the stationary sales network is ahead of us, as well as investments in e-commerce and the promotion of our own brand. This will allow the company to respond to the increasing demand for gold among Poles. I am convinced that also this year Poland will break the record of sales of products made of this bullion and for the first time in history we will break the barrier of 20 tonnes”, forecasts Żołedowski.
The Treasury Mint reported that it closed 2022 with its highest ever sales level. Revenues increased by more than 10% to PLN 1.22 billion compared to PLN 1.07 billion in 2021, operating profit rose to PLN 32.85 million from PLN 29.78 million and net profit fell to PLN 21.5 million from PLN 21.7 million.
The increase in revenue recorded by the Treasury Mint was the result of several factors. The outbreak of war in Ukraine in early 2022 brought another surge of interest in gold, historically considered the most effective hedge of asset value in times of war, following the COVID 19 pandemic. Recessionary fears and rising inflation were also a factor.