Works by, among others, Jacek Malczewski, Aleksander Gierymski, and Wojciech Kossak will appear on the silver coins produced by Mennica Skarbowa

For the first time in its history, Mennica Skarbowa will be offering its own collector coins for sale. The first series of one-ounce silver coins will go on sale before the end of this half-year. Launching the sale of its own collector coins will enable the company to diversify its revenue sources and significantly expand its customer base.

Mennica Skarbowa is beginning a new stage of business development by entering the segment of proprietary numismatic products. The company is preparing its first collection of one-ounce silver coins inspired by the works of outstanding Polish painters, including:

• Jacek Malczewski,

• Aleksander Gierymski,

• Wojciech Kossak.

The coins will be available both online and at Mennica Skarbowa’s stationery branches in Poland’s largest cities. The new project is part of the company’s strategy to develop its product portfolio and capitalize on the growing interest in investing in precious metals and collectibles.

“Launching our own collector’s coins is a natural step in our development. We are expanding our range with unique products that hold both collector’s and sentimental value. This project will not only allow us to diversify our revenue sources, but also to reach new customers, including those just starting their journey into investing in precious metals. It is also worth noting that the sale of our own collector coins is characterized by higher margins compared to other products we offer that are manufactured by other mints. Silver coins are the first step, partly due to the more affordable price of the raw material.” — Jarosław Żołędowski, President of the Management Board of Mennica Skarbowa.

Alongside the classic artistic collection, Mennica Skarbowa will present a unique offering for enthusiasts of modern assets: a one-ounce silver coin commemorating the year 2009 – the date of the creation of the Bitcoin network. This item features selective gold plating, precise UV printing, and a dedicated inscription on the edge. It also includes a unique detail in the form of encoded information written in binary code.

Revenue Diversification and Development of the Collector Segment

The launch of proprietary numismatic coins represents a significant step towards developing products with higher margins. The choice of silver as the base metal allows easier access to collector products for a wider audience due to its lower price point compared to gold. The company emphasizes that silver is only the beginning of the development of its own coin issues.

The Numismatic Market in Poland is Growing

The numismatic segment in Poland is developing dynamically, benefiting from the growing interest in tangible assets. According to industry estimates, the market for investment and collector coin sales in Poland reaches a value of several billion zlotys annually. Growth has accelerated due to high inflation and economic uncertainty.

The market is dominated by two main segments:

• Investment (bullion) coins: Value based mainly on metal content.

• Numismatic coins: Value driven by limited mintage, artistic design, and collector potential.

“Particularly dynamic growth can be seen in the group of clients who combine investing with collecting. Artistic motifs are currently among the most popular themes worldwide. Collectors are increasingly looking for coins presenting works of art, which enhances their attractiveness and potential for value growth over the longer term.” — Jarosław Żołędowski.

The first silver coins will go on sale towards the end of the first half of the year, with further series being introduced gradually over the coming months.

***

About Mennica Skarbowa

Mennica Skarbowa is Poland’s largest dealer of investment gold and other precious metals, listed on NewConnect (Warsaw Stock Exchange). The company sells investment gold, diamonds, and collectibles through 16 branches in Poland: Bialystok, Bydgoszcz, Czestochowa, Gdansk, Kalisz, Katowice, Kielce, Cracow, Lublin, Lodz, Poznan, Rzeszow, Szczecin, Warsaw, Wroclaw and Zielona Gora and through the website: mennicaskarbowa.pl.

The company warns against buying gold from random companies that have only recently started selling the metal online

Mennica Skarbowa, listed on the Warsaw Stock Exchange (New Connect market), ended 2025 with a record-breaking sales level of over PLN 1.4 billion. At the same time, the company generated a sales profit of PLN 13.4 million and a net profit of PLN 8.6 million. In total, Mennica Skarbowa sold 3.2 tons of gold and nearly 8 tons of silver last year. The company remains optimistic about the gold market, forecasting that the price of gold could exceed USD 5,500 per ounce by the end of the year. Significantly, recent price falls have triggered a clear reaction from investors – Poles have rushed to purchase gold, continuing the strong buying trend already evident throughout 2025. At the same time, the company warns against purchasing gold from random entities that have recently started offering gold for sale, particularly online.

Poles take advantage of price declines

In 2025, Mennica Skarbowa sold over 3.2 tons of gold (+10% y/y) and nearly 8 tons of silver (+60% y/y). Smaller denominations are particularly popular, as they allow investors to gradually build up their portfolios. Recent corrections in gold prices have been an impulse for increased purchases.

“We observe a very repetitive pattern – when gold prices fall, demand rises immediately. Poles are gaining a better understanding of market mechanisms and are using corrections to make purchases. Importantly, this is not a one-off phenomenon – overall demand was very strong throughout 2025, and the current decline in prices has only served to reinforce this trend. However, we warn potential investors against buying gold from random companies that have only recently started offering gold for online sale. They may end up waiting months for the purchased goods, and in the worst case, lose their savings. Very often, such entities do not have physical gold in stock and only order it after receiving payment from the customer.” – comments Jarosław Żołędowski, President of the Management Board of Mennica Skarbowa.

Record year for gold worldwide

The company’s financial results reflect stable market growth. Revenue of PLN 1.4 billion and positive results across all levels confirm the growing importance of investment in precious metals. Online sales are playing an increasingly significant role – over 23% of transactions are now conducted online.

The lower sales margin reported in the fourth quarter of 2025 was the result of a deliberate and conservative risk management strategy. The main factor affecting the result was higher operating costs related to gold price hedging. The fourth quarter of 2025 was characterized by exceptionally high gold price volatility, reaching up to 20% at certain moments. As a result, with such a high trading volume of approximately PLN 477 million, the costs of active price hedging directly impacted the level of profit reported in the periodic report. Such management decisions are necessary in this industry and are always deliberate management decisions aimed at fully protecting the Company’s capital and our clients’ assets against exchange rate risk.

The year 2025 was a breakthrough year globally. The price of gold set no fewer than 53 all-time highs, with the average standing at USD 3,431 per ounce (+44% year-on-year). Investment demand for bars and coins reached 1,374 tons, the highest in 12 years. Total demand for gold exceeded 5,000 tons, reaching a record value of USD 555 billion.

In Poland, prices also rose sharply – from PLN 10,842 per ounce at the start of the year to around PLN 15,607 per ounce by the end.

“The global gold market is currently being driven by several factors simultaneously – geopolitical tensions, inflation, central bank policies and growing activity among retail investors. This creates very strong foundations for further growth. On the other hand, we also observe that more and more people treat gold as an investment comparable to buying stocks on the stock exchange or cryptocurrencies. I will keep repeating like a mantra that gold is a long-term investment and still a safe haven for our savings. The return on investment can be assessed no earlier than 3–5 years after the purchase. It is not worth investing in gold for speculative purposes.” – says Jarosław Żołędowski, President of the Management Board of Mennica Skarbowa.

Forecasts: USD 5,500 per ounce

The company remains optimistic about further market developments.

“We maintain our forecasts – in our view, the price of gold has the potential to exceed USD 5,500 per ounce by the end of the year. Global demand is very strong, and central banks continue to purchase gold on a large scale.” – concludes Jarosław Żołędowski.

The year 2025 was a very good one for the precious metals market, and the current fall in prices has only served to boost investor activity. Poles have clearly turned to gold, viewing it as a safe haven and a key component of their long-term financial strategy. All the signs suggest that this trend will continue in the following quarters.

***

Mennica Skarbowa – Poland’s largest dealer of investment gold and other precious metals, listed on NewConnect, the alternative market of the Warsaw Stock Exchange. The company’s main business area is the sale of investment gold (bars and bullion coins), as well as other precious metals and diamonds and collectibles. The company’s products can be purchased in 16 branches: in Bialystok, Bydgoszcz, Czestochowa, Gdansk, Kalisz, Katowice, Kielce, Cracow, Lublin, Lodz, Poznan, Rzeszow, Szczecin, Warsaw, Wroclaw and Zielona Gora and through the website: mennicaskarbowa.pl.

The company forecasts a gold price above USD 5,500 per ounce by the end of the year.

Despite dynamic fluctuations in gold prices on global markets, demand for investment products in Poland remains at a very high level. Mennica Skarbowa, a company listed on the NewConnect market of the Warsaw Stock Exchange, recorded more than a 200% increase in sales in January this year compared to the corresponding period in 2025. Customer interest is focused primarily on small weights of gold, which can be easily liquidated both domestically and internationally. At the same time, company representatives continue to forecast an increase in the price of gold to USD 5,500 per ounce by the end of the year.

– We are observing huge demand for gold in our stationary branches, but also in our online shop. Despite the high price fluctuations we have seen recently, gold remains a safe haven because it is an investment for decades. Anyone who compares gold to the stock market or cryptocurrencies is confusing asset types. Gold is not an instrument for short-term speculation, but a tool for protecting assets and stabilizing portfolios over the long term. The more than 200% increase in sales we recorded in January confirms that Poles are increasingly thinking about gold in strategic terms – comments Adam Stroniawski, Managing Director at Mennica Skarbowa.

Small denominations most frequently chosen by Poles

Sales data shows that gold bars weighing 1 g, 5 g, 10 g and 1 ounce are the most popular. Classic bullion coins such as the Krugerrand, Vienna Philharmonic and Maple Leaf are also gaining popularity. These products are globally recognizable, which makes them much easier to resell. Customers increasingly emphasize that they opt for smaller weights due to the flexibility in their sale. When quick access to cash is needed, it is easier to sell part of one’s gold holdings than a larger bar of significant value. This approach reflects the growing awareness of individual investors who treat gold as a financial security rather than just a form of capital investment.

Queues of both buyers and sellers

Importantly, branches of Mennica Skarbowa are seeing lines not only of people interested in purchasing, but also of customers wishing to sell gold they have previously purchased. During periods of stronger price increases, some investors decide to take profits.

– We are observing the natural phenomenon of profit-taking at higher price levels, but at the same time the inflow of new customers is very strong. This shows that gold is perceived as a foundation of financial security – notes Adam Stroniawski.

Gold still has potential for price growth

Despite several weeks of turmoil on the financial markets and increased volatility in prices, the forecasts for gold remain positive. According to Adam Stroniawski, the current corrections are temporary.

– I assume that by the end of the year the valuation of gold will return to the level of USD 5,500 per ounce. Long-term fundamentals remain strong, and global economic uncertainty supports holding part of capital in precious metals – adds Adam Stroniawski.

Experts point out that gold has historically gained value during periods of geopolitical tension, high inflation and financial instability. Unlike stocks or cryptocurrencies, it is not linked to the performance of a specific company, sector or technology. It serves as a safeguard for wealth and a stabilizer for an investment portfolio.

***

Mennica Skarbowa – Poland’s largest dealer of investment gold and other precious metals, listed on NewConnect, the alternative market of the Warsaw Stock Exchange. The company’s main business area is the sale of investment gold (bars and bullion coins), as well as other precious metals and diamonds and collectibles. The company’s products can be purchased in 16 branches: in Bialystok, Bydgoszcz, Czestochowa, Gdansk, Kalisz, Katowice, Kielce, Cracow, Lublin, Lodz, Poznan, Rzeszow, Szczecin, Warsaw, Wroclaw and Zielona Gora and through the website: mennicaskarbowa.pl.

Silver prices expected to break the magic historic barrier of USD 100 per ounce within weeks.

Europe is facing a real shortage of investment silver – physical stocks of the metal are melting away at an alarming rate, while demand in both the European Union and Poland is reaching record levels. Investment silver, traditionally treated as a capital safeguard in times of uncertainty, is becoming a deficit commodity. Mennica Skarbowa has to organize special transports to collect various silver products from all over Europe. Company representatives predict that the price of silver will break the historic barrier of USD 100 per ounce within a few weeks.

According to the latest global quotations, the price of an ounce of silver exceeds USD 90 and is the highest in years, rapidly approaching the psychological barrier of USD 100 per ounce – a level that may be exceeded within just a few weeks.

“The rising valuation of silver is being driven on the one hand by the ‘silver following gold’ phenomenon, meaning investors’ shift toward precious metals amid strong increases in gold prices, and on the other by geopolitical turmoil and market uncertainty in the Middle East, Latin America, and other regions of the world. Silver is expected to exceed USD 100 per ounce within just a few weeks. Six months ago, silver prices were significantly lower, fluctuating below the approximate threshold of USD 50–60 per ounce, while today the metal is priced at over USD 90 per ounce on global markets. This represents a value increase of nearly 50% in just six months. Market data confirms that silver has recorded one of the strongest increases among all investment commodities in recent months.” – comments Adam Stroniawski, Managing Director of Sales at Mennica Skarbowa.

The demand for investment silver, especially in the form of physical coins and bars, is so high that regular deliveries are not enough to meet investors’ needs. In response to the growing demand, Mennica Skarbowa has decided to send special shipments of metal to Poland and other European countries to ensure that customers have access to selected products.

“Silver, which just six months ago was widely available, has now become a scarce commodity. We respond immediately to market signals and dispatch additional special shipments across Europe, which are effectively searching for silver products. Demand for physical bars and coins is enormous — and according to market data, this trend will continue” – comments Adam Stroniawski.

Why is silver rising in price? The increase in silver prices is multidimensional in nature:

• Inflation and safe-haven assets: In the face of geopolitical uncertainty and inflationary expectations, investors are increasingly allocating capital to precious metals.
• The pursuit of gold: Sharp increases in gold prices are driving heightened interest in silver investments, particularly where safe-haven investments in gold have already become expensive.
• Industrial demand: Silver has a wide range of industrial applications, which further limits its availability on the investment market.
• Physical shortage: Local shortages of physical silver increase its premium over the stock market price, leading to an even greater inflow of investors seeking to acquire the metal ‘for themselves’.

Various silver products are available on the market. Investment silver coins – classic bullion coins, popular among collectors and investors. Silver investment bars – of various weights, ideal for investors investing larger amounts. Silver products are significantly cheaper than gold products. Approximate product price examples:

• 1 oz silver coin: approx. PLN 290–330
• 100 g silver bar: approx. PLN 1,100–1,300
• 1 kg bar: from PLN 12,000 upwards

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Mennica Skarbowa – Poland’s largest dealer of investment gold and other precious metals, listed on NewConnect, the alternative market of the Warsaw Stock Exchange. The company’s main business area is the sale of investment gold (bars and bullion coins), as well as other precious metals and diamonds and collectibles. The company’s products can be purchased in 16 branches: in Bialystok, Bydgoszcz, Czestochowa, Gdansk, Kalisz, Katowice, Kielce, Cracow, Lublin, Lodz, Poznan, Rzeszow, Szczecin, Warsaw, Wroclaw and Zielona Gora and through the website: mennicaskarbowa.pl.

Mennica Skarbowa adds 12 strategic metals to its portfolio, expanding access to resources critical for defense, high-tech, renewable energy and e-mobility

Mennica Skarbowa has expanded its investment offering by introducing technological metals and rare earth elements to its portfolio. This is the first such comprehensive offer in Poland, enabling individual customers to purchase more than a dozen different critical metals. This is a response to the growing interest in alternative forms of capital investment, especially in strategic raw materials used, among others, in the new technologies industry, renewable energy, e-mobility, and the defense sector. Global forecasts indicate that demand for these elements will continue to rise – driven by digitalization, the development of artificial intelligence, the energy transition and military modernization. Mennica Skarbowa is the only distributor in Poland that provides private customers with access to this class of investment assets in physical form, with the possibility of storing metals in a customs warehouse in Germany. The expansion of the product range represents a new growth pillar for the Company and a promising source of revenue in an increasingly dynamic market segment.

Mennica Skarbowa’s offering now includes selected rare earth elements such as neodymium and praseodymium, as well as technological metals including gallium, hafnium, rhenium and iridium – elements considered fundamental to the modern economy. In total, 12 different metals are currently available, used across the energy, high-tech, defense and e-mobility sectors. These materials enable the production of wind turbines and photovoltaic panels, the development of electric vehicles and hydrogen fuel cells, as well as the manufacturing of microprocessors, radar systems and advanced consumer electronics. They play a crucial role in achieving global climate goals, ensuring military security and sustaining the pace of technological innovation. All metals come exclusively from certified sources – mainly China, South Korea, Australia, Chile, and Argentina – and are supplied to Mennica Skarbowa directly from a leading European distributor.

– We are the only dealer in Poland to offer individual customers the opportunity to invest in strategic metals – both technological metals and rare earth elements. This is a unique chance for retail clients to enter a market that has until now been reserved almost exclusively for industrial buyers. Polish investors will now be able to purchase, among other assets, rare earth metals that have recently been subjected to additional export restrictions imposed by China. As of December 1, the export of products manufactured outside China that contain at least 0.1% of Chinese rare earth elements, or that were produced using Chinese technologies in this field, will only be possible with a special license. China extracts around 60% and processes approximately 90% of the world’s rare earth resources. Their decision to impose additional export bans on these metals will lead to a significant increase in their prices, as there will simply be a shortage of them on global markets. On the other hand, expanding our offering to include rare earth metals and technological metals is a natural step in response to the needs of investors seeking long-term capital protection in real assets. These raw materials carry tremendous strategic importance, are resistant to inflation, and their global availability remains limited. – comments Jarosław Żołędowski, President of the Management Board of Mennica Skarbowa SA.

The minimum purchase for retail customers starts at several thousand zlotys. The offer is primarily aimed at private investors who, by purchasing physical metals, can benefit from, among other things, no VAT and exemption from capital gains tax (the so-called Belka tax). Companies are also increasingly interested in the offer, recognizing the strategic potential of these raw materials. Orders are fulfilled immediately, as the metals ordered by customers are stored in the Company’s duty-free warehouse. In the case of orders that require importing metals into Poland and undergoing customs clearance, these metals are subject to a 23% VAT rate. Customers are generally hesitant to make such purchases. An additional advantage of storing the goods in the vault in Frankfurt is that it ensures a guaranteed buy-back of the metals by Mennica Skarbowa.

The prices of rare earth elements and technological metals are updated based on quotations published by reputable sources. Tradium, a partner of Mennica Skarbowa, has been supplying demanding industries with high-quality technological metals, rare earth metals, precious metals, and chemical compounds for more than 25 years.

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Mennica Skarbowa – Poland’s largest dealer of investment gold and other precious metals, listed on NewConnect, the alternative market of the Warsaw Stock Exchange. The company’s main business area is the sale of investment gold (bars and bullion coins), as well as other precious metals and diamonds and collectibles. The company’s products can be purchased in 15 branches: in Bialystok, Bydgoszcz, Gdansk, Kalisz, Katowice, Kielce, Cracow, Lublin, Lodz, Poznan, Rzeszow, Szczecin, Warsaw, Wroclaw and Zielona Gora and through the website: mennicaskarbowa.pl.

Mennica Skarbowa has already sold 2.1 tons of gold in first nine months of 2025

The Company has recorded a 39% increase in sales to the level of PLN 890 million

Poland expected to break historic record in individual gold purchases – over 20 tons in 12 months

Mennica Skarbowa, a company listed on the NewConnect market of the Warsaw Stock Exchange, sold 2.1 tons of gold in the first nine months of this year. During this period, the Company’s revenues rose to PLN 890.9 million, compared to PLN 639.3 million recorded in the same period last year, which represents an increase of 39%. Globally, the third quarter of this year saw the highest gold sales since 2013. Worldwide investment in gold bars and coins exceeded 300 tons for the fourth consecutive quarter. According to the Management Board of Mennica Skarbowa, a historic record in gold sales to individual customers is likely to be set in Poland this year, potentially exceeding 20 tons of gold.

In the third quarter of this year, Europe continued to experience the economic recovery observed in the first half of the year, still driven by geopolitical and macroeconomic uncertainty. The strongest demand was seen in September and October, when the bull market captured media attention, triggering a surge in gold demand. This trend continued in the following weeks, especially after the widely publicized breach of the USD 4,000 price level per ounce of gold.

„Over the past few months, demand for gold has been enormous. Our branches saw queues of Poles buying mainly small amounts of gold. By the end of September this year, we had sold nearly 2.1 tons of gold products – one of the best results in our history. We estimate that Poland may set a historic record, with sales to individual customers exceeding 20 tons in all of 2025. It is also worth noting that some analysts predict that next year the price of gold may exceed USD 5,000 per ounce. These forecasts are justified especially given the intensifying conflict in Ukraine and the ongoing instability in the Middle East. Historically, gold has always sold well in such uncertain times, as investors treat it as a safe asset. However, it is important to remember that gold is a long-term investment – it generates returns over years. Observing the persistently high prices of gold, we want to introduce alternative assets to our offer. We will soon launch the sale of rare earth metals, which are used in sectors such as defense, energy, and new technologies. These strategic resources – currently sought after by the world’s major powers – will soon be available for purchase by any Polish investor.” – comments Jarosław Żołędowski, President of the Management Board of Mennica Skarbowa.

In the third quarter of 2025, the price of an ounce of gold in our local currency rose by 17% – from PLN 11,930 to PLN 13,950 at the quarter’s close. However, the real price rally did not begin until mid-August, when prices were still hovering around PLN 12,100 per ounce. Just six weeks later, the metal was valued at 15% higher. During this period, price corrections were minimal.

Persistently high gold prices contributed to a significant increase in the Company’s revenues. In the third quarter of 2025, the Company generated PLN 313.9 million in revenues, which is 22.7% more than in the third quarter of 2024. Incrementally, in 2025, Mennica Skarbowa generated PLN 890.9 million in revenue compared to PLN 639.3 million recorded in the comparable period of the previous year, which represents an increase of 39%. The third quarter of 2025 ended with a profit on sales of PLN 5.8 million. The gross sales margin in the third quarter of 2025 was 4.48%. Operating profit in the third quarter of 2025 amounted to PLN 5.5 million.

It is worth noting that the Company has a secure level of current assets, which ensures its ability to smoothly meet customer needs. The Company’s inventory at the end of the third quarter of 2025 amounted to PLN 106.9 million, representing a 42.3% increase compared to the same period of the previous year. This growth reflects the Company’s efforts to adjust its stock levels to the current demand in the investment-gold market. The Company holds a sufficient level of off-the-shelf stock, enabling it to continue conducting sales smoothly in the coming periods.

In the near future, Mennica Skarbowa plans to launch a new sales segment related to the trading of rare earth metals used, among others, in the defense, energy, and new technology sectors. This initiative will allow the Company to diversify its revenue streams and significantly increase turnover in the long term.

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Mennica Skarbowa – Poland’s largest dealer of investment gold and other precious metals, listed on NewConnect, the alternative market of the Warsaw Stock Exchange. The company’s main business area is the sale of investment gold (bars and bullion coins), as well as other precious metals and diamonds and collectibles. The company’s products can be purchased in 16 branches: in Bialystok, Bydgoszcz, Gdansk, Kalisz, Katowice, Kielce, Cracow, Lublin, Lodz, Poznan, Rzeszow, Szczecin, Warsaw, Wroclaw and Zielona Gora, as well as at the newly opened point of sale in Częstochowa and through the website: mennicaskarbowa.pl.

Polish individual investors have discovered a new investment target.

In recent months, Mennica Skarbowa has recorded increased interest among Poles in investments in palladium – a precious metal of strategic importance to the global economy. Over the past few days, its price has broken through the historic level of USD 1,500 per ounce. Although just a few years ago it was little known to a broad group of investors, today it is becoming an increasingly popular component of investment portfolios. This results from the growing use of palladium in industry, limited supply, and instability in commodity markets. Over the past six months alone, it has been possible to earn nearly 60% on palladium, and in just three months its price has increased by more than 20% – more than the best bank deposits offer. Forecasts indicate that with limited supply and growing demand, palladium may in the coming years rank among the fastest-growing precious metals. Some analysts predict that next year the price of palladium may exceed another historic level of USD 1,600 per ounce.

The growing interest in palladium in Poland is part of a broader trend of investing in industrial metals. Investors are seeking assets that are resistant to inflation and market fluctuations. Palladium, like platinum, represents an attractive alternative to gold and silver.

– We are observing a clear increase in inquiries and purchases of palladium products, especially investment bars and bullion coins. In times of economic uncertainty, Poles are looking for alternative assets that have real industrial applications and limited supply. Palladium meets these criteria, particularly at a time when gold prices have surged so sharply. Investors are increasingly recognizing the value of palladium, which is widely used in industry while remaining limited in terms of mining output. This trend is reflected in the recent rise in its price, which has surpassed the historic level of USD 1,500 per ounce. Investors have discovered a new investment target. And palladium prices will continue to rise – some analysts predict they will quickly surpass USD 1,600 per ounce. These are justified forecasts – comments Adam Stroniawski, Managing Director at Mennica Skarbowa.

Mining and use of palladium

Palladium is a rare metal belonging to the platinum group metals. It is mined mainly as a by-product of nickel and platinum ore extraction. The production process is complex and costly, which contributes to limited supply. Global annual palladium production is estimated at approximately 210-220 tons, with the largest volumes coming from Russia (around 40%), South Africa (around 35%), as well as Canada, the United States and Zimbabwe.
This metal has a wide range of industrial applications, primarily in the production of automotive catalytic converters (over 70% of global demand), which reduce exhaust emissions. It is also used in electronics (contacts, connectors, sensors), jewellery, medicine (implants, surgical instruments), and modern energy technologies such as fuel cells.

Global demand and supply

The largest consumers of palladium are China, the USA, Japan and the European Union countries. In recent years, the dynamic development of the automotive sector and restrictive emission standards have increased the demand for this metal. In Poland, there is also a growing interest in palladium as a form of investment and portfolio diversification.

– The supply of palladium is concentrated in just a few countries, with most of the raw material coming from Russia and South Africa. This means that any disruptions – from geopolitical tensions to logistical problems – have an immediate impact on prices. This makes palladium not only a strategic raw material, but also a metal with high growth potential – adds Adam Stroniawski.

Investment market and Mennica Skarbowa products

Mennica Skarbowa offers palladium investment bars weighing from 1 g to 100 g and bullion coins, such as the Canadian Palladium Maple Leaf and Ballerina. These are often limited editions, which further increases their collector’s value.

Prices and forecasts

Over the past year, palladium prices have experienced significant volatility. In October 2024, an ounce traded at around USD 1,100, while in March 2025 prices fell to approximately USD 950, before rebounding sharply – by November 2025, palladium had exceeded USD 1,600 per ounce. Over the past six months alone, the metal has gained around 60%.
Experts predict that over the next 12 months, palladium prices may continue to rise due to a recovery in the automotive industry, increased demand from the electronics sector, and potential supply constraints from Russia. Forecasts suggest a possible increase to around USD 1,900-2,000 per ounce in 2026.

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Mennica Skarbowa – Poland’s largest dealer of investment gold and other precious metals, listed on NewConnect, the alternative market of the Warsaw Stock Exchange. The company’s main business area is the sale of investment gold (bars and bullion coins), as well as other precious metals and diamonds and collectibles. The company’s products can be purchased in 16 branches: in Bialystok, Bydgoszcz, Czestochowa, Gdansk, Kalisz, Katowice, Kielce, Cracow, Lublin, Lodz, Poznan, Rzeszow, Szczecin, Warsaw, Wroclaw and Zielona Gora and through the website: mennicaskarbowa.pl.

Mennica Skarbowa, Poland’s largest dealer in investment gold and other precious metals, a company listed on the New Connect market of the Warsaw Stock Exchange, is opening a new branch in Częstochowa at 18 Waszyngtona Street. This is the company’s 16th point of sale in the country and the second in the Silesian Province. The expansion of the stationary sales network is a response to the growing interest in gold among Poles, who are buying more and more investment products made of this precious metal, as well as silver and platinum. The company’s management emphasizes that the new facility will not only improve access to physical gold for the region’s residents, but may also translate into increased revenues for the company, especially in view of rising precious metal prices and forecasts indicating the possibility of breaking historical sales records. Currently, the price of gold has already exceeded the historic level of USD 4,000 per ounce, and forecasts indicate that it may reach USD 5,000 in 2026. In the context of the growing gold market, Mennica Skarbowa estimates that Poland may see record sales of investment gold exceeding 20 tons per year for individual investors.

In the first half of this year, Mennica Skarbowa sold over 1.42 tons of gold and 2.8 tons of silver, confirming the continuing high interest in investing in precious metals. Currently, the price of gold has already exceeded USD 4,000 per ounce, and in the last three months alone it has risen by over 20%. On an annual basis, the rate of return is already over 50%. What is more, some analysts predict that the price of this precious metal will reach USD 5,000 per ounce in 2026. The Management Board of Mennica Skarbowa estimates that with such dynamic growth, Poland may witness a historic record – sales exceeding 20 tons of investment gold per year in the individual customer segment.

– Gold prices remain at record levels, and demand for the precious metal remains high among both institutional investors and individual customers. With the current growth dynamics, Poland may witness a historic record – sales exceeding 20 tons of investment gold per year in the individual customer segment. In the face of a changing economic situation and escalating armed conflicts in some regions of the world, gold is gaining importance as a safe and long-term form of investment and capital protection. This continuing uncertainty is conducive to the development of the retail market and means that the growing interest in physical precious metals is prompting us to expand our sales network. The opening of a branch in Częstochowa is a response to these needs. Our goal is not only to increase revenue, but above all to provide our customers with easy and secure access to investment gold throughout the country. Unfortunately, our observations show that with the growth in domestic demand for gold, there are increasingly frequent offers to sell gold from uncertain sources or those that require prepayment for orders fulfilled after several days – comments Jarosław Żołędowski, President of the Management Board of Mennica Skarbowa.

Although the e-commerce market is growing rapidly, customers still prefer the traditional purchasing model – a personal visit to a branch, which gives them the opportunity to check the product and talk to an expert. That is why the company is consistently developing its network of stationary outlets, strengthening its presence and responding to the expectations of investors seeking security and professional service. The new branch of Mennica Skarbowa in Częstochowa is located at 18/4 Waszyngtona Street. From Monday to Friday, between 9:00 a.m. and 5:00 p.m., customers will be able to purchase investment gold and silver and other products from the company’s range, as well as collect orders placed in the online shop.

Mennica Skarbowa offers classic gold bars weighing from 1 to even 1,000 grams,  but currently, small and medium weights are the most popular – bars from 1 to 100 grams and bullion coins, such as Krugerrands, Vienna Philharmonics and Canadian Maple Leaf weighing one ounce. These products are preferred by customers because they can be easily exchanged for goods or quickly resold virtually anywhere in the world.

In recent months, Mennica Skarbowa has observed a growing interest among Poles in investing in platinum. While this precious metal still lingers in the shadow of gold and silver, its economic and investment significance has been steadily rising – both globally and on the Polish market. Over the past 12 months, the price of platinum has risen by approximately 50%, reaching over USD 1,500 per ounce in September 2025. According to representatives of Mennica Skarbowa, this metal may set new price records later this year.

Why is platinum so valuable?

Platinum is a rare, durable metal with exceptional resistance to corrosion. Thanks to its unique chemical and physical properties, it is irreplaceable across many industries – from automotive and electronics to medicine and jewelry. Its role is particularly crucial in the production of car catalytic converters, where it is responsible for reducing harmful emissions. Unlike gold, the primary function of which remains the preservation of value, platinum is driven largely by industrial demand. This means that its price depends more on the real condition of the global economy and industrial demand than on investor sentiment alone.

– It is estimated that global platinum reserves are significantly smaller than those of gold. Annual platinum production amounts to roughly 180–200 tons, compared with more than 3,000 tons of gold mined each year. Moreover, over 70% of the world’s platinum output is concentrated in a single country – South Africa. Russia is the second key producer, while the remaining supply comes mainly from Zimbabwe, Canada, and the United States. This geographical concentration makes the platinum market more vulnerable to disruptions, both political and logistical. Any delay in mining or geopolitical tensions can significantly affect supply and thus the price of the metal – comments Adam Stroniawski, Managing Director of Sales at Mennica Skarbowa.                                                                                  

Mining and price

Platinum is mainly obtained as a by-product of nickel and copper ore mining. However, the process of separating and refining it is both time-consuming and costly, which further affects the value of the metal. Mining is mainly carried out using deep mining methods, and the ore obtained undergoes a series of chemical processes before pure platinum can be isolated. The automotive industry remains the largest consumer of platinum, with as much as 35–40% of global demand going to catalytic converter manufacturers. Other significant areas of use include the chemical industry (catalysts in chemical synthesis), electronics (conductive components, hard drives), medicine (e.g. implants, surgical instruments) and hydrogen energy – platinum is a key component in fuel cells. Jewelry should not be overlooked either. Though less popular than gold, platinum is prized for its durability and elegance. Platinum jewelry is particularly valued in Asia and North America, with its popularity also steadily increasing in Europe.

– Over the past 12 months, the price of platinum has risen by around 50%, reaching roughly USD 1,500 per ounce in September 2025. This surge is driven by several factors: growing industrial demand (particularly in the green energy and electromobility sectors), supply constraints from South Africa, and increased interest from investors seeking alternatives to gold. With the planned decarbonisation of transport and industry, fuel cells – in which platinum plays a key role – may become one of the pillars of the green transition. At the same time, the development of hydrogen technologies could further boost demand for the metal. In Poland, we are observing growing interest among consumers who are increasingly purchasing platinum products in our stores and online. The most popular are investment bars available in weights from 1 g to 100 g and bullion coins – popular issues include the Canadian Platinum Maple Leaf, the American Platinum Eagle and the Australian Platinum Kangaroo. They are often minted in limited editions, which increases their collector’s value. I estimate that by the end of the year, the price of platinum may reach USD 1,350-1,400 per ounce – adds Adam Stroniawski, Managing Director of Sales at Mennica Skarbowa.

Where is platinum sold the most?

The largest markets for platinum are China, Japan, the United States, and Germany. China dominates in terms of consumption, both in industry and in the jewelry sector. In the USA and Germany, platinum is also gaining importance as an investment asset – a trend that is also beginning to emerge in Poland. The rapidly growing market for electric vehicles and fuel cells in Asia is only accelerating this tendency.

There has been a sharp increase in interest in buying gold following the recent Russian drone attack on Poland. Mennica Skarbowa has noted record interest in gold. An increasing number of Poles are choosing to invest their savings in physical precious metals, long regarded as the most reliable safeguard of capital in times of crisis. According to the Company’s forecasts, gold sales in September may exceed PLN 120 million, which would mark Mennica’s best monthly result in 2025. As emphasized by the Management Board of Mennica Skarbowa, the upward sales trend may continue in the face of growing geopolitical uncertainty and rising concerns about financial security.

Although the price of gold has broken historical records in recent months and recently reached USD 3,743 per ounce, many citizens turned to investment metal outlets and Mennica’s online store following the Russian drone attacks on Poland. Increased traffic on the website and a growing number of orders confirm that interest in gold continues to rise despite record prices. According to representatives of Mennica Skarbowa, for Poles, the security of their savings has now become more important than the price itself.

– Paradoxically, demand in Poland is growing despite record prices – gold has surpassed USD 3,600 per ounce. However, taking into account the circumstances, the trend is understandable: in times of uncertainty, capital flows into safe havens such as this precious metal. Recent events in Poland, along with the escalation of conflicts in Ukraine and the Middle East, are driving demand for gold and pushing up its valuation – admits Jarosław Żołędowski, President of the Management Board of Mennica Skarbowa, adding: – In my opinion, within just a few months we will see another milestone – the price per ounce of gold will exceed USD 4,000. I am also certain that forecasts pointing to USD 5,000 by the end of 2026 are well justified.

Currently, the strongest demand is for small and medium weights – bars ranging from 1 to 100 grams and 1-ounce bullion coins such as the Krugerrand, Vienna Philharmonic, and Canadian Maple Leaf. These products are popular because they can be easily exchanged for goods or quickly resold almost anywhere in the world. To meet the growing demand, Mennica Skarbowa has begun arranging additional shipments of bullion from Germany. Domestic supplies remain insufficient, despite KGHM having launched the production and sale of Polish gold. According to forecasts, the Company’s sales in September may exceed PLN 120 million, which would represent the best result of 2025.

– Potential clients should be aware that gold is not intended as a short-term investment. It is not a speculative instrument. Gold should be considered from at least a multi-year perspective. It is an asset that preserves the value of money over time. To illustrate: 100 years ago, in the United States, one could purchase a small farm for either one kilogram of gold or USD 1,000. Today, that same amount of gold would still secure a farm, while the cash would hardly cover the cost of a fence – notes Żołędowski.