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Mennica Skarbowa SAPoland's gold sales may increase by several percent y/y in 2024 - Polish mint
Poland's largest investment gold dealer, Mennica Skarbowa, is observing an upturn in the gold sales market, expecting possible year-on-year increase in gold sales by several percent. Consolidation processes of smaller brokers may intensify in the Polish market in the near future, the mint said in a press release on Thursday.
"As estimated by the Mennica Skarbowa, there could be a several percent increase in gold sales this year compared to 2023," the release said.
"One important trend that could contribute to increased demand is the growing interest of Poles in small gold weights, especially in the online sales channel. Customers are increasingly interested in easy access to investment products, which translates into an increase in demand for gold bars of a few grams and coins of lower value," it added.
The mint reported that in 2023 there was a 40-50 percent year-on-year decline in gold investment products sales in Poland.
Mennica Skarbowa estimates that consolidation of smaller brokers may intensify in the Polish market in the near future.
"Mergers or collapses of smaller brokers will soon be seen more and more (...). This is caused by lower revenues and changing market conditions," Poland's largest gold dealer said.
"We are already observing that small companies and companies that have not generated the desired profits in 2020-2022 have become unprofitable and are looking for profitable solutions," it added.
The listed company estimates that the cost of buying gold bullion should in the near term remain at a similar level or reach only a slightly higher ceiling than at present.
seb/ ao/ han/