What does the Polish investment gold market look like in the face of historical record prices for the precious metal? What bars and coins do Poles most often choose – says Michał Tekliński, gold market expert from the Goldenmark Group.
A month ago, the dollar gold price not only reached a new all-time nominal record of over USD 3,500 per ounce, but also finally broke the record set in January 1980. Despite the May correction, the royal metal is still almost 23% more expensive than at the beginning of the year and has doubled its price in just over 5 years.
Such a strong increase in the prices of the “barbaric relic” also boosted sales among Polish dealers. There is a chance that in 2025 Poles will buy over 20 tons of investment gold, which would not only be a record in the history of the Polish market, but would also put our country in one of the top places in Europe.
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– Considering recent years, we are indeed buying more gold. Since the summer of last year, we started buying much more of it (…) Since October, this demand has been very high and is even growing from month to month – confirms Michał Tekliński, gold market expert from the Goldenmark Group.
– The bestsellers are three products that do best every year. Two of them are bars and one is a coin. The most popular coin is the one that is the most affordable and for many years it has been one ounce of the Australian Kangaroo. This is definitely the most popular coin in terms of sales in Poland – explains Michał Tekliński. – In addition, there are bars: one ounce, and for investors investing larger volumes it is a hundred-gram bar – adds the expert of the Goldenmark Group.
However, gold is not the only thing that an investor lives by. Therefore, the topic of changes in VAT regulations, which affected the EU physical silver market until the beginning of 2025, could not be omitted. – A few years ago, the European Union introduced such a regulation that silver should be covered by the basic VAT rate everywhere. However, it left a certain loophole for imported silver coins treated as collector's items, which allowed producers to apply the so-called VAT margin – explained Michał Tekliński.
– This loophole was used in Poland, it was used in Germany and a few other EU countries. First, the interpretation of this regulation changed in Germany, where silver coins dropped out of this category overnight . As a result, prices there quickly grew and the silver coin market practically died. And then there was pressure to equalize this procedure everywhere. And this last regulation comes down to this – adds Tekliński. Therefore, from January 1, 2025, all silver coins are subject to full VAT. As a result, the difference in prices between silver bars and coins, which were previously cheaper for tax reasons, disappeared.
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