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.
