The bursting of the government bond bubble has led to negative equity on the balance sheets of many central banks that have monetized government debt in recent years.

Losses in the billions are simply dismissed with the words: central banks can print their money. It's not that simple! To heal this damage, it makes sense to take hard assets onto the balance sheet and inflate them in the future.

The gold hype, especially in Asia and in the so-called BRICS countries, can be explained primarily by this. It is a way out of fiat debt hell. If you take a closer look at central bank policy, two examples stand out in particular: China, which has made massive gold purchases, and Poland.

This is surprising, as the EU member seems to have set itself apart from the other states. But still we do not know for sure what policy will look like under the new Polish government. Is someone here preparing for a crash of the eurozone?

Poland can thus defend its own currency, the zloty, in the future. Incidentally, it is Italy that has the highest per capita gold holdings and its central bank.