After a record start to the year, investors clearly scaled back their purchases of physical gold. In Q2 2026, global demand for bars and coins fell to 307.1 tonnes, down 3% year-on-year. In Europe, retail demand hit its lowest level since Q3 2024. At the same time, Mennica Skarbowa is seeing a new trend on the Polish market: every third gold-purchase transaction is now made in cash. What’s more, the vast majority of gold buy-back transactions are also carried out in cash. Since the start of the year, Mennica Skarbowa has sold 1.5 tonnes of gold, and in Q2 alone the company recorded sales of PLN 323 million.

Gold doesn’t need to rise sharply

The second quarter of 2026 brought a clear cooling of the physical gold market. According to World Gold Council data, total demand for physical investment gold amounted to 307.1 tonnes, a 3% year-on-year decline. This was also the lowest reading since Q3 2024. The data signal a return to more typical purchase levels after two exceptionally strong quarters — Q4 2025 and Q1 2026. Despite the sharp quarter-on-quarter decline, the first half of the year remains very strong. Demand for gold bars and coins over the whole first half totalled 784 tonnes, one of the strongest first-half results on record. Q2 alone saw volume fall 36% quarter-on-quarter, though the result was close to the long-term trend. Average quarterly purchases of bars and coins over the five-year period from Q4 2020 to Q3 2025 stood at 305 tonnes.

At the same time, Mennica Skarbowa does not expect significant further increases in the price of gold. In the company’s assessment, the market has entered a normalisation phase after an exceptionally strong start to the year. A level of USD 5,000 per ounce remains a realistic scenario over the next 12 months, but reaching it should not mean another sharp price rally.

„After the record gold-price gains at the start of the year, it looks like the market has entered a normalisation phase. Investors are more selective today and react to every price move. That’s why in the coming months we expect stabilisation rather than another sharp upward wave. Organic, gradual growth in valuation is the natural characteristic of the gold market. The spikes seen in January and February 2026 were an anomaly, which is why investors should hold back from rash moves during such periods. The USD 5,000-per-ounce level could be reached within the next 12 months, but the road to it may be considerably calmer than the results from the start of the year suggested. It’s worth noting, however, that despite weaker global demand for gold, we managed to generate results comparable to those of a year ago. Since January we have already sold 1.5 tonnes of gold” — says Adam Stroniawski, Member of the Management Board of Mennica Skarbowa.

High gold prices meant, however, that the drop in volume did not translate into a decline in the value of investments. In Q2, the value of bars and coins purchased reached USD 44.5 billion, versus USD 33.3 billion in Q2 2025. The average gold price according to the LBMA PM stood at USD 4,506.29 per ounce in Q2 — 8% below the Q1 record, but 37% higher than the average price in the same period a year earlier. The market was driven above all by expectations around US monetary policy. Stronger economic data fuelled speculation about upcoming Fed interest-rate hikes, which weighed on gold as a non-yielding asset. At the same time, the dollar strengthened to multi-year highs, raising the cost of dollar-denominated metals for foreign buyers. Major financial institutions also revised their short-term price forecasts downward in response to the shift in monetary policy.

The decline in volume was visible across all markets, though the scale and nature of the changes varied. In the US, demand for gold bars and coins came to 14 tonnes — higher year-on-year, but significantly lower than in Q1. Investors were disappointed by the lack of further upside potential for gold prices despite heightened geopolitical tensions. Prices largely stayed within a defined range, which limited activity, interrupted only by brief periods of “bargain hunting.” Compared with Q1, resale activity was also more limited. The drop in demand was even more pronounced in Europe. Retail investment weakened sharply, as the price correction in gold encouraged investors to take a more cautious approach. Net demand across the region fell to its lowest level since Q3 2024. Elevated levels of resale continued to limit demand for newly manufactured products.

Cash makes a comeback

Against this backdrop, Mennica Skarbowa is observing a new, clear trend on the Polish market. Every third gold-purchase transaction is now carried out in cash. In the company’s view, this may be linked to customers preparing for new EU anti-money-laundering regulations. From next year, for cash transactions worth at least EUR 3,000, the seller will be required to confirm the customer’s identity and carry out the appropriate verification procedure. At the same time, Article 80 of the new regulation sets a cash-payment limit of EUR 10,000 — cash payments above this amount will no longer be possible.

„Every third gold-purchase transaction with us today is carried out in cash. That’s a clear shift in customer behaviour. Importantly, we’re seeing a similar tendency on the buy-back side too. We wouldn’t claim this is solely the effect of future regulation, but it’s hard not to notice the connection. Customers may already be factoring into their decisions the rules that will apply from next year. Next year it will simply be harder to buy gold with cash.” — says Adam Stroniawski, Member of the Management Board of Mennica Skarbowa.

Mennica Skarbowa: strong results despite market volatility

Mennica Skarbowa’s results show the scale of Poles’ interest in precious metals. In the second quarter of 2026, the Company generated PLN 323 million in revenue, up 5.4% on Q2 2025. Q2 2026 closed with a gross profit on sales of PLN 2.9 million, compared with PLN 2.4 million in the corresponding period of 2025. Gross margin on sales in Q2 2026 stood at 3.69%. Operating profit in Q2 2026 came to PLN 2.5 million, versus PLN 2 million in the corresponding period of 2025. Financial costs in Q2 2026 amounted to PLN 1 million, mainly reflecting foreign-exchange differences and interest on loans used by the Company to finance its current trading operations. The Company’s Management Board notes that the Company continuously hedges its currency exposure as well as the gold price, and does not engage in speculation in gold or currency prices. These effects are typical economic conditions for the business, in which the vast majority of purchases are made in euro.

Gross profit for Q2 2026 stood at PLN 1.6 million, and net profit at PLN 0.6 million.

The Company holds a safe level of current assets, guaranteeing its ability to smoothly meet customer needs. The Company’s inventory at the end of Q2 2026 stood at PLN 96.9 million, up 13.6% on the corresponding period of the previous year, reflecting the Company’s adjustment of inventory levels to current demand in the investment gold market. The Company maintains an adequate level of stock available “off the shelf,” representing a significant competitive advantage on the Polish market.

Short-term financial assets, including cash, stood at PLN 14.4 million at the end of Q2, compared with PLN 17.8 million at the end of the corresponding period of the previous year. The Issuer’s short-term liabilities amounted to PLN 109.5 million, up 23.5% on the end of the corresponding period of the previous year, when short-term liabilities stood at PLN 88.6 million, reflecting an increase in trade payables.

It is worth noting that the surplus of current assets over current liabilities has a favourable effect on the Issuer’s financial security, demonstrating the Company’s stable financial position and supporting strategic planning for the development of its operations in future reporting periods.

Mennica Skarbowa is Poland’s largest distributor of investment gold and other precious metals. The Company is listed on NewConnect — the alternative market of the Warsaw Stock Exchange. Its core business is the sale and purchase of investment gold (bars and bullion coins), as well as other precious metals, diamonds, and collectible products. Mennica Skarbowa’s products are available at 16 branches: in Białystok, Bydgoszcz, Częstochowa, Gdańsk, Kalisz, Katowice, Kielce, Kraków, Lublin, Łódź, Poznań, Rzeszów, Szczecin, Warsaw, Wrocław, and Zielona Góra, as well as via the website: mennicaskarbowa.pl. The Company also provides secure storage services.

For the first time in its history, Mennica Skarbowa has introduced its own collector products – including a unique, five-piece numismatic collection called “Bitcoin Evolution,” commemorating the creation of the Bitcoin network. The company expects that entering the proprietary numismatic issuance segment will help diversify revenue and reach new customers, at a time when more and more Poles are buying collector products and nearly 3 million of them have already purchased investment silver.

Mennica Skarbowa, Poland’s largest distributor of investment gold, listed on NewConnect, is entering a segment that is new for the company – proprietary numismatic products. Until now, the company has mainly sold gold and other precious metals produced by other mints; now, for the first time, it offers numismatics designed and issued under its own brand. The choice of silver as the first metal is no coincidence – its lower price compared to gold opens the door to collecting for a much broader audience, including people who are just beginning their journey with precious metals investing.

Bitcoin Evolution – Silver Meets the Digital Revolution

The most innovative element of the new offering is the “Bitcoin Evolution” collection – five 1-ounce silver coins (Ag 999), each symbolizing a different “pillar” of the Bitcoin phenomenon. The series opens with the Absolutum coin, issued in a mintage of 500 pieces, featuring precise UV printing of a world map, a selectively gilded BTC symbol, and a gilded reverse bearing the year 2009 – the year the Bitcoin network was created – along with an encoded binary message struck into the medal’s surface. It will be followed, in subsequent quarters of 2026 and 2027, by four further releases in the collection: Aurum (autumn 2026, mintage of 450), Synapsis (spring 2027, mintage of 400), Anonymus (summer 2027, mintage of 350), and Libertas (autumn 2027, mintage of 309) – each with different symbolism and finish, ranging from oxidized silver to selective gilding.

The collection also has a gamification layer: owners of Absolutum receive Priority Minting status – access to a closed purchasing page and 48-hour priority access to purchase subsequent issues at a pre-launch price. Meanwhile, the certificates of authenticity for the remaining four coins each carry a fragment of an encrypted code – once collectors assemble the full collection and piece the fragments together, they will be able to decrypt a hidden message and claim a surprise prepared exclusively for the most dedicated collectors. This combination of traditional minting craftsmanship with the world of digital finance is intended, as the company emphasizes, to appeal to an entirely new generation of collectors for whom Bitcoin is a natural point of reference and means of payment.

“Introducing our own collector coins is a natural direction of development for us. We are expanding our offering with unique products that build both collector and emotional value. The project will allow us not only to diversify our revenue sources but also to reach new customers, including those just beginning their journey with precious metals investing. It’s also worth noting that sales of our own collector coins carry a higher margin compared to other products in our offering, which are manufactured by other mints” – Jarosław Żołędowski, President of the Management Board of Mennica Skarbowa

More and More Poles Are Buying Silver and Collector Coins

Mennica Skarbowa’s decision fits into a clear market trend. According to an ARC Rynek i Opinia survey conducted in March 2026 using the CAWI method on a representative sample of 1,020 Poles aged 18–65, every eighth Pole (12%) has already bought investment silver – with men doing so significantly more often than women (16% versus 8%). Applied to the Polish population in this age bracket (around 24 million people), this means that nearly 3 million Poles have already purchased investment silver – a scale that turns what was once a niche phenomenon into a genuine mass market. This is illustrated even more clearly by the 2025 Nationwide Investor Survey (SII) – as many as 22.1% of surveyed investors declared that they had bought physical gold or silver over the past 12 months, the highest reading in the survey’s history.

Growing interest is being fueled by record-breaking precious metals prices. Silver, which cost $32–33 per ounce in spring 2025, exceeded $50 by the end of the year and periodically reached as high as $75 – gaining more than 126% over the course of 2025 as a whole. Poland’s numismatic segment is already estimated at several billion zlotys annually, and its growth has accelerated in recent years amid high inflation and economic uncertainty.

How Much Can You Earn on a Collector Coin? Two Examples

1. The PLN 500 silver coin “Canonization of John Paul II” (2014) – a one-kilogram coin made of 999 fine silver, issued in a mintage of just 966 pieces. Its issue price was PLN 7,800; today, according to secondary market pricing, it is worth around PLN 19,000 – an increase of nearly 144% in just over a decade.
2. The PLN 10 gold coin “Mieszko I” from the “Polish Circulating Banknotes” series (2023) – the first coin in this prestigious, unconventional series from the National Bank of Poland (NBP), featuring a rectangular shape referencing Polish banknotes. Its issue price in June 2023 was around PLN 9,500; just three years later, its estimated market value reaches PLN 21,000–23,000 – a gain of roughly 130–140% in under three years.

As numismatic market experts point out, limited editions – especially those below 100,000 pieces – have historically posted average value increases of around 20–40% within just 3–5 years of issue, making them an increasingly popular way to combine a collecting passion with investment.

Online Sales and a Growing Community of Collectors

The market for collector coin sales in Poland is increasingly moving online – coins can now be bought through distributors’ online stores, the official “Kolekcjoner” store run by NBP, and specialized auction portals and numismatic exchanges. Industry estimates put the number of active, long-term collectors of Polish coins at 35,000–40,000; however, if occasional buyers of popular commemorative issues (such as 2-zloty coins) are included, that figure – according to market estimates – may exceed 100,000 people. The scale of trading itself is illustrated by auction market data: in a single year, Polish auction houses sold a combined total of more than 46,000 collector coins and banknotes (an increase of well over ten thousand transactions year on year), with an average coin sale price of over PLN 2,100. It is precisely this growing, partly new group – combining an interest in art, history, technology and investing – that is the main target audience for Mennica Skarbowa’s new offering, including its Bitcoin-themed collection.

“More and more Poles see silver as a natural entry point into the world of precious metals investing – its lower entry price compared to gold makes it, alongside traditional savings deposits, one of the most frequently chosen ways of building savings today. What we’re observing in the market – record interest and double-digit increases in the value of collector issues – confirms that we are no longer talking about a niche, but about a genuine, dynamically growing market segment that already encompasses millions of Poles. Our own collector coins, including the Bitcoin-themed collection, are a natural extension of our investment offering – combining the value of the metal with collector and emotional value, which is already evident in the first weeks of customer interest” – Adam Stroniawski, Member of the Management Board of Mennica Skarbowa

Conclusion

Market data leaves no doubt: more and more Poles are buying silver and collector coins today – not only out of passion, but as a deliberate element of their investment strategy. Mennica Skarbowa’s entry into the segment of proprietary numismatic issues, launched with a bold Bitcoin-themed collection, is a response to this trend – and a signal of further projects to come, including, in the longer term, gold coin issues as well.

Mennica Skarbowa is Poland’s largest distributor of investment gold and other precious metals. The company is listed on NewConnect, the alternative market of the Warsaw Stock Exchange. Its core business is the sale of investment gold (bars and bullion coins), as well as other precious metals, diamonds, and collector products. Mennica Skarbowa’s products are available at its 16 branches – in Białystok, Bydgoszcz, Częstochowa, Gdańsk, Kalisz, Katowice, Kielce, Kraków, Lublin, Łódź, Poznań, Rzeszów, Szczecin, Warsaw, Wrocław, and Zielona Góra – as well as via its website: mennicaskarbowa.pl.

Every eighth Pole has already bought investment silver. Following spectacular price increases, a correction in product prices is now underway. As observed by Mennica Skarbowa, more and more clients are betting on a rebound in the price of this metal.

Silver is ceasing to be merely gold’s “younger brother.” According to the latest ARC Rynek i Opinia survey, commissioned by Mennica Skarbowa, 12% of Poles already declare having bought investment silver in the form of bars or coins. While it remains less popular than gold, which was bought by 18% of respondents, interest in silver is clearly growing. At the same time, over the past several months silver has been one of the most profitable investment assets in the world. The price of silver investment products is currently falling, but as representatives of Mennica Skarbowa observe, more and more clients are appearing on the market who are willing to buy this metal in the hope of a price increase.

According to the ARC Rynek i Opinia survey, 12% of Poles have bought investment silver. Men decide to buy it considerably more often than women (16% versus 8%). In terms of place of residence, residents of towns with 50,000 to 99,000 inhabitants stand out, where the share of buyers reaches 20%. Rural residents buy silver least often (10%). Moreover, more than half of gold buyers (55%) declare that they have also invested in silver, which shows that both metals are often treated as part of the same investment strategy. The survey also indicates that silver is chosen more often by people who already have experience in the precious metals market.

Silver has earned investors more than most popular assets

The past several months have been exceptionally successful for investors holding silver. As recently as spring 2025, an ounce of silver cost around $32–33, while by the end of the year prices exceeded $50, occasionally reaching as much as $75 per ounce. This represents an increase measured in tens of percent, and depending on the comparison period, even more than 70%.

– „For years, investors’ attention was focused mainly on gold. Meanwhile, silver has recently shown that it can generate very attractive rates of return. We’re seeing growing interest from clients who are looking for an alternative to traditional forms of saving and want to diversify their investment portfolio. Our research shows that one in eight Poles has already bought silver coins or bars. Interestingly, silver products are usually bought by people who previously invested in gold. And the current correction in silver prices is attracting new clients who are counting on prices rebounding to a higher level, especially since silver products such as coins or bars are considerably cheaper than their gold equivalents.” – says Adam Stroniawski, member of the Management Board of Mennica Skarbowa.

At the same time, the market is seeing a correction in gold prices following the historic highs reached in recent months. Many investors view the current declines as a buying opportunity and expect prices to return to their previous record levels. Corrections following periods of dynamic growth are a natural part of how the precious metals market functions. However, growing interest in both gold and silver means that the authenticity of the metal being purchased is becoming increasingly important. Experts emphasize that investors should use only verified sources of purchase and pay attention to certificates and the origin of products.

– „The more popular precious metals become, the more active dishonest sellers become. That’s why it’s crucial to buy from reputable dealers and to have basic knowledge that allows you to verify a product’s authenticity. In the case of silver, there are several simple methods that can even be used at home” – adds Adam Stroniawski.

How to check whether silver is genuine?

Experts point to several simple methods for making an initial assessment of the authenticity of silver coins and bars:

• Magnet test – silver is not a ferromagnetic metal. A strong neodymium magnet should not attract the coin or bar. At the same time, when sliding across the surface of silver, the magnet should move noticeably more slowly than it would on an ordinary metal.
• Weight and dimension measurement – reputable coins and bars have precisely defined weight and dimensions. Even small deviations can indicate a forgery.
• Sound test – silver produces a characteristic, long-ringing high-pitched sound when lightly struck. Base-metal alloys sound much duller.
• Marking check – an investor should check the silver fineness, manufacturer’s marks, and serial numbers found on bars.
• Thermal conductivity test – silver conducts heat very quickly. An ice cube placed on a silver bar melts noticeably faster than on most other metals.

Experts stress, however, that home tests are only indicative in nature. Full certainty is provided only by professional equipment used by precious metals dealers.

The ARC Rynek i Opinia survey was conducted in March 2026 using the CAWI method on a representative sample of 1,020 Poles aged 18–65.

Mennica Skarbowa is the largest distributor of investment gold and other precious metals in Poland. The company is listed on NewConnect, the alternative market of the Warsaw Stock Exchange. The company’s main area of business is the sale of investment gold (bars and bullion coins), as well as other precious metals, diamonds, and collectible products. Products from Mennica Skarbowa’s offer can be purchased at 16 branches: in Białystok, Bydgoszcz, Częstochowa, Gdańsk, Kalisz, Katowice, Kielce, Kraków, Lublin, Łódź, Poznań, Rzeszów, Szczecin, Warsaw, Wrocław, and Zielona Góra, as well as via the website: mennicaskarbowa.pl.

The first quarter of 2026 will go down in the history of the global investment gold market. Worldwide demand for physical gold reached the second-highest quarterly result in history in terms of volume, and the highest in history in terms of value – USD 74 billion. The dynamic rise in investor interest also translated into record results for Mennica Skarbowa, a company listed on the NewConnect market of the Warsaw Stock Exchange, which recorded a significant increase in revenue, a multiple increase in profits, and a clear rise in the level of gold inventory available “off the shelf.” Mennica Skarbowa closed the first quarter of 2026 with revenue of PLN 471 million, representing a 42.6% increase compared with the corresponding period of the previous year.

According to World Gold Council data, global demand for physical investment gold in the first quarter of 2026 amounted to 474 tonnes, an increase of 42% year-on-year. This was the second-highest quarterly result in the market’s history – a higher figure was recorded only in the record second quarter of 2013. The value of sales looks even more impressive. Demand for gold reached USD 74 billion, the highest monetary result in the history of the investment gold market. By comparison, the average quarterly value of demand over the past five years was around USD 23 billion.

– The first quarter of 2026 was one of the strongest periods in the history of the global investment gold market. We saw record demand in practically all key markets, and investor interest was driven both by geopolitical factors and by record prices for the metal. For Mennica Skarbowa, this meant historically high sales and a very clear improvement in financial results. What matters especially to us is that, thanks to appropriately increased inventory, we were able to maintain high product availability for customers despite a very difficult supply situation in the market. At the same time, we are observing growing customer activity in the gold buy-back segment – many investors who bought the metal in previous years are now choosing to realize part of their profits at record price levels – says Adam Stroniawski, member of the Management Board of Mennica Skarbowa.

World gold sales records

In the first quarter of 2026, the price of gold reached historic highs – in January, the LBMA PM fixing rose to a record USD 5,405 per ounce, and the quarterly average set a new historic record of USD 4,873 per ounce. Converted into złoty, the price of an ounce of gold reached a record PLN 19,379 at the end of January. China remained the biggest driver of global demand. The local market for gold bars and coins recorded its strongest quarter in history. Demand rose to 207 tonnes, beating the record set in 2013. The rise in interest in gold in China was the result of both a weakening real estate market and persistent uncertainty surrounding the Chinese economy, as well as geopolitical tensions. Individual investors increasingly treated physical gold as a primary form of capital protection.

India – the world’s second-largest investment gold market – also recorded very strong growth. In the first quarter of 2026, demand there rose 34% year-on-year, reaching a level of 62 tonnes. This was the best first quarter since 2013. High demand persisted despite record prices for the metal, demonstrating the enduring cultural and investment significance of gold for Indian households.

Strong investor activity also continued in the United States. The US market for gold bars and coins recorded a 14% year-on-year increase in net demand. The start of the year was particularly strong, as record gold prices attracted new retail investors. According to World Gold Council data, gold very often made the headlines of financial media, further boosting interest in investing in the metal. Toward the end of the quarter, a price correction once again spurred investment purchases.

Clear increases were also visible in Europe. Total demand for physical investment gold on the continent rose 50% year-on-year, reaching 41 tonnes. Austria was one of the leaders in growth, with demand rising by as much as 100% quarter-on-quarter. Germany and Switzerland, the two largest gold trading centers in Europe, also posted strong results. Poland was also among the fastest-growing markets, accounting, together with other countries in the region, for demand of 10.6 tonnes, 41% higher than in the previous quarter.

Mennica Skarbowa strengthens its market position

The strong global investment trend translated very clearly into the results of Mennica Skarbowa – one of the largest investment gold dealers in Poland. The Company closed the first quarter of 2026 with revenue of PLN 471 million, a 42.6% increase compared with the corresponding period of the previous year. The Company’s operating results and profitability grew even more strongly. Profit on sales reached PLN 12.5 million, compared with PLN 3.1 million a year earlier, while operating profit amounted to PLN 12.3 million, compared with PLN 2.9 million in the first quarter of 2025. Mennica Skarbowa’s net profit for the first quarter of 2026 amounted to PLN 8.6 million.

„The clear increase in our gold inventory levels also deserves particular attention. The value of Mennica Skarbowa’s inventory at the end of March 2026 amounted to PLN 132.7 million and was 43.9% higher than a year earlier. This is the result of a strategic increase in the availability of investment products in response to record demand and limited supply on the global market. Thanks to this decision, we are able to provide customers with broad availability of investment products without a wait of many weeks for orders to be fulfilled. We will strive to keep our inventory levels at a similar level, as the popularity of gold among investors is growing. And we continue to maintain our forecast that the price of this metal may return to levels of USD 5,500 per ounce by the end of this year” – adds Adam Stroniawski of Mennica Skarbowa.

At the same time, the Company is observing a clear increase in customer activity in the gold buy-back segment. After many quarters of intensive purchases, some investors are now choosing to realize profits, taking advantage of record-high metal prices. According to market representatives, the increased supply of gold from individual customers is a natural element of the market’s maturation and confirms the growing investment awareness of Poles. More and more people today treat gold not only as a safe haven, but also as an asset that is actively managed depending on market conditions.

According to World Gold Council forecasts, a high level of interest in gold may continue in the coming quarters as well. Key factors supporting demand remain geopolitical tensions, purchases by central banks, and capital inflows into gold-based ETFs.

Mennica Skarbowa is the largest distributor of investment gold and other precious metals in Poland. The company is listed on NewConnect, the alternative market of the Warsaw Stock Exchange. The company’s main area of business is the sale of investment gold (bars and bullion coins), as well as other precious metals, diamonds, and collectible products. Products from Mennica Skarbowa’s offer can be purchased at 16 branches: in Białystok, Bydgoszcz, Częstochowa, Gdańsk, Kalisz, Katowice, Kielce, Kraków, Lublin, Łódź, Poznań, Rzeszów, Szczecin, Warsaw, Wrocław, and Zielona Góra, as well as via the website: mennicaskarbowa.pl.

Real estate remains number 1

The survey was conducted in March 2026 on a representative sample of Poles aged 18–65. Its aim was to identify investment preferences and the role of precious metals in building long-term savings.

– „Just a few years ago, gold was treated as a niche solution. Today we see that it is increasingly becoming one of the primary investment choices for Poles. Many investors simply diversify their portfolio and add gold to it, alongside real estate or listed company shares. This also reduces the potential loss on other forms of investment. It’s hard to lose money on gold if you invest for many years” – says Adam Stroniawski, member of the Management Board of Mennica Skarbowa.

Real estate still the leader, but gold outpaces other assets

Although real estate remains the most frequently indicated form of investment (25%), gold clearly outpaces other financial instruments. It is followed by:

• bank deposits (approx. 8%)
• bonds (approx. 8–9%)
• listed company shares (approx. 6–7%)
• cryptocurrencies (approx. 4–5%)

It is worth noting that as many as 17% of respondents are unable to indicate a preferred form of investment, which may point to still-limited financial knowledge among part of society. The growing popularity of gold is also confirmed by market data.

– „Gold is no longer treated solely as a safeguard for hard times. It is increasingly a deliberate investment choice, alongside real estate or the capital market. According to our analysis, Poles bought around 20 tonnes of investment gold last year, confirming the sustained high demand for this metal. Poles mainly buy small gold weights, which can easily be resold worldwide afterward or exchanged for goods in dangerous times. Of course, gold bullion coins remain popular too, and they are also legal tender in some countries” – adds Adam Stroniawski, member of the Management Board of Mennica Skarbowa.

Differences in investment preferences

The survey shows significant differences in investment approach depending on age, gender, and place of residence. Younger respondents (25–34 years old) are less often undecided (11%) and more often choose specific forms of investment, including gold. Meanwhile, people aged 45–65 more often indicate bonds (11%) and are considerably more likely to answer “don’t know” (21%).

Differences are also visible between women and men. Men more often choose gold (22% vs. 16%), bonds (11% vs. 6%), shares (7% vs. 4%), and cryptocurrencies (6% vs. 3%). Women are considerably more likely to indicate real estate (32% vs. 18%).

Meanwhile, residents of the largest cities (500,000+) are more likely to invest in shares (10%), while people living in rural areas are considerably more likely to choose real estate (30%).

The ARC Rynek i Opinia survey was conducted in March 2026 using the CAWI method on a representative sample of 1,020 Poles aged 18–65.

Mennica Skarbowa is the largest distributor of investment gold and other precious metals in Poland. The company is listed on NewConnect, the alternative market of the Warsaw Stock Exchange. The company’s main area of business is the sale of investment gold (bars and bullion coins), as well as other precious metals, diamonds, and collectible products. Products from Mennica Skarbowa’s offer can be purchased at 16 branches: in Białystok, Bydgoszcz, Częstochowa, Gdańsk, Kalisz, Katowice, Kielce, Kraków, Lublin, Łódź, Poznań, Rzeszów, Szczecin, Warsaw, Wrocław, and Zielona Góra, as well as via the website: mennicaskarbowa.pl.

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.

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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.

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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.

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.

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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.

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.