Mennica Skarbowa has signed an agreement with KGHM Polska Miedź S.A., under which Poland’s largest dealer of investment metals has begun selling gold and silver extracted and produced by KGHM. This cooperation will, among other benefits, enable Mennica’s clients to access investment products made from precious metals produced in Poland more quickly. Diversifying the sources of gold and silver products will also enable more efficient inventory replenishment, particularly during periods of increased demand. Thanks to the agreement with KGHM, Mennica expects a significant growth in sales, especially in silver products.
Mennica Skarbowa offers KGHM gold and silver bars in a wide range of weights, from 1 ounce to 1,000 grams. Produced in Poland at the Głogów Copper Smelter, these products are available both in Mennica Skarbowa’s branches across the country and online. Since the beginning of 2025, precious metal prices have shown a steady upward trend. The price of gold has risen from around USD 2,700 per ounce at the beginning of January to approximately USD 3,372 in August, marking an increase of more than 20% since the beginning of the year. Silver, which started the year at around USD 29 per ounce, reached about USD 39 in July – an increase of roughly 34%, driven by growing investment and industrial demand.
KGHM is the second largest silver producer in the world. The metal in the form of bars is registered under the KGHM HG brand and has a registration certificate from the New York COMEX Commodity Exchange and Good Delivery certificates issued by the London Bullion Market Association. In 2024, the company also began producing gold bars, which are gaining recognition on the market thanks to their proven quality and domestic origin. Production at the Głogów Copper Smelter KGHM is carried out in accordance with the highest standards, with respect for human rights and care for the environment.
– Signing the agreement with KGHM marks another step towards strengthening the security of supply for our Clients. The gold mined and produced by KGHM in Poland is a true phenomenon in the history of the industry in Poland. We are witnessing a historic moment with Polish gold from a domestic mine entering the market. For buyers, such gold will carry not only investment value but also collectible significance, as KGHM’s gold production remains limited. For this reason, Polish gold bars will be available through only two distributors in the country, including Mennica Skarbowa, the largest dealer of investment gold in Poland. As a company, we are honored to not only diversify the investment portfolios of our clients but also support domestic production. Thanks to this cooperation, we are now also offering our customers silver products manufactured in Poland. This means that we will be able to respond more quickly and effectively to surges in demand, replenishing our stocks without delay. KGHM is a global leader in silver mining and production, and we expect that access to its wide range of silver products will drive rapid growth in this segment. Currently, silver products account for only 2.3% of our sales structure, yet it remains relatively cheap and, in my opinion, still undervalued – comments Adam Stroniawski, Managing Director of Sales at Mennica Skarbowa.
Throughout 2024, Mennica Skarbowa sold a total of 2.8 tonnes of gold and 7.5 tonnes of silver, achieving record sales results. Among the Company’s clients, the most popular products are 1-ounce and 100-gram gold bars, as well as 1-ounce gold coins. Among silver products, 1-ounce bullion coins such as the Australian Kangaroo, Vienna Philharmonic and Canadian Maple Leaf are the most popular. Gold bars and coins remain the primary choice of individual investors, while silver is chosen both by beginners and more experienced investors as a means of portfolio diversification.
