Poles seek safety in gold investments during troubled times across their eastern borders
Russia's war against Ukraine has led many people in neighboring Poland to invest in gold
WARSAW, Poland — When COVID-19 hit, long lines formed outside shops selling gold in Poland. Then came Russia's full-scale invasion of Ukraine, triggering another rush for gold.
Piotr Kozik, the manager of a Warsaw shop selling gold bars and coins produced by the Mint of Poland, remembers how the day of Russia's invasion, Feb. 24, 2022, was Fat Thursday, when Poles gorge themselves on paczki, jam-filled donuts.
“On that day there were longer lines for gold at our store than for donuts at the bakery,” Kozik said.
Poles were shaken by the war across the border, which sent refugees fleeing to their country, and to many gold seemed to offer financial and psychological security.
Today those lines are gone, but demand for gold remains steady as the war rages on into its third year. Adding to unease is a migration crisis at Poland's border with Belarus, which Polish authorities view as hybrid war engineered by Moscow and Minsk.
Radoslaw Paklikowski, a 38-year-old entrepreneur in the western Polish city of Wroclaw, began buying gold and silver coins in 2021 and now invests 5% of his assets in precious metals.
“Having real physical gold is important and by that I don't mean a ton of gold, but an amount that will help you cross the border or make your family safe if anything will happen," he said.
Membership in NATO gives some a feeling of security. Still, many in this region once under Moscow's control worry that if Russia prevails in Ukraine it won't stop there.
While governments beef up defenses and send weapons to Ukraine, regular people are seeking protection. Some with means have bought homes in Spain and Italy.
Unlike investments in
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