Italian lawmakers want to sell Italy's gold

[pmbug]

...
Around 1,100 tons of the Bank of Italy's gold are stored in a vault beneath its headquarters at Palazzo Koch in Rome. A similar portion is held in the United States, while smaller amounts are kept in Britain and Switzerland.

Politicians of all parties have called in the past 20 years to clarify ownership of the gold and then sell it to cut Italy's public debt, which totals more than 3 trillion euros ($3.48 trillion) and is predicted by the Italian Treasury to peak at 137.4% of GDP next year.
...
Gold accounted for nearly 75% of Italy's official reserves at the end of last year, a significantly higher ratio than the 66.5% of the euro zone, World Gold Council data shows.

Another amendment to the budget proposes a one-off levy for households to declare gold held off the books, in a move that could potentially yield the state more than 2 billion euros.

https://www.reuters.com/business/finance/lawmakers-revive-italys-claim-central-banks-300-billion-gold-pile-2025-11-18/

Desperate Times at PIIGS High - watch out Spicoli!

 

[KnowWhy]

“Another amendment to the budget proposes a one-off levy for households to declare gold held off the books, in a move that could potentially yield the state more than 2 billion euros.”

 

[SilverStacker]

Gee Yathink the Mob is not going to get their end ?

The problem the Italians have is they really dont make much. Export much. They dont have much in the way of mineral or oil reserves. They have to pay for the welfare state and their immigration is out of control and they take to many in that dont have skills unlike Spain which only takes skilled migrants.

Now America has its share of problems and a terrible debt problem but also America is an extremely wealthy country. I'll say this for the Italians tho, the only Industry that really rebounded from COVID was tourism. Americans love going to Italy and the Italians love American tourists. Ive never been treated so well as I have been in the times Ive been in Italy so I wish them well.

 

[nickndfl]

 

[Joe King]

Only way it'll help, is if after they pay down their debt they quit running it up.

 

[nickndfl]

Can't stop the debt or the system implodes.

 

[Joe King]

Can't stop the debt or the system implodes.

Then they shouldn't pay it down by selling their gold.

Because they'll need that gold once it finally does implode.

 

[SilverStacker]

Yeah selling gold is a bad idea. Once you sell it you'll never get it back and for a country its really the base of economic power.

For a country that doesn't produce any of the metal most of all.

 

[searcher]

Who does Italy's gold belong to? And why are we talking about it now?

A one-line amendment in Italy’s 2026 Budget has reopened the question of who controls the country’s $300 billion gold reserves, potentially threatening central bank independence.

www.euronews.com

 

[searcher]

ECB calls on Italy to reconsider proposal on central bank gold​

ROME, Dec 3 (Reuters) - The European Central Bank (ECB) is calling on Italy to reconsider a parliamentary amendment asserting that the national central bank's gold reserves belong to the Italian people, a document seen by Reuters showed on Wednesday.

Frankfurt's also said that Italy should rewrite the proposal to ensure that the Bank of Italy's fundamental tasks are carried out independently, the document added.

More:

https://www.msn.com/en-us/money/mar...entral-bank-gold/ar-AA1RClop?ocid=socialshare

 

[searcher]

Property of the people? ECB says Italy’s gold isn’t political treasure

A proposal to declare Italy’s gold as the property of the people could undermine central bank independence, warned the ECB.

www.euronews.com