Italy has 3rd largest gold reserves in the world
Central Bank and politicians are scrapping over who actually owns it
Wild story in front page of FT today
Discussion
They want to sell it all off, but they refuse to admit it.
Bundesbank is only still solvent because of its gold reserves. Nearly went belly-up, last year.
They just can't. It's not theirs.. it's basically Italy's collateral for being part of EU.
The EU will send them a blue envelope for being naughty?
I'm sure they're very afraid.
It's very complicated.. check this if you have time.
Italy's gold it's not owned by Italian government or people..
(You'll need subtitles)
Gangsters in suits
Propping up social services without raising taxes and paying down debt are probably the third and second best thing a European government can do at this stage.
The best course of action would obviously be to distribute the gold among taxpayers in relation to taxes paid over their lifetimes.
That or dump the euro for a gold-backed Italian currency, say, the "lira d'oro" for instance.
Remember the already launched a programm to identify all gold holders this year
Would never happen If It was 🤷..... instead of gold
Wild though that would make theirs's the 2nd largest reserve. The German gold is gone. Even the auditors were denied access by the Fed with "trust us bro". In fact after the incident Germany demanded the return of X tons of the reserves stored with the Fed only to receive FRENCH bars months later.
It's a big story from a few years ago worth checking out.
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Not your vault, not your metal
not buried in your backyard, not your gold 🤣