Controversy in Italy over declaring gold reserves “public property of the people”

MPs from Italy’s right-wing coalition, led by Prime Minister Giorgia Meloni, are seeking to have Italy’s gold reserves declared public property of the Italian people, a move that critics fear could pave the way for the government to sell the country’s assets from Foreign exchange of the country, adding that these stocks "Reinforces confidence in the stability of the Italian financial system and the stability of the euro"And it represents "A guarantee for him in performing his public duties".

But the legislators are from the Meloni party "Italy brothers" They seek to add a provision to the country’s upcoming budget law that would make… "Gold reserves managed and maintained by the Central Bank belong to the Italian people"

Senator Lucio Malan, the party’s senior representative, said "Italy brothers": "We feel the need to make it clear that gold is the fruit of the labor of our people. This gold has always belonged to the people of Italy"

Gold to Pay Debt

The new move has alarmed some economists, who warn that such a change might enable an elected Italian government, now or in the future, to sell gold more easily in an attempt to pay off some of the country’s debts, or raise the resources needed for underfunded social services, such as health or education.

Economist Salvatore Rossi, former director general of the central bank, wrote last month in the newspaper "No Stampa" Italian: "Systematically reducing gold reserves to ease public finances is equivalent to telling the world that we have reached the point where we are forced to sell our gold because we have no other resources."

Malan insists that the government has no intention of selling or even transferring Italy’s gold reserves, about half of which are currently stored in the United States. But he said that explicitly recognizing public ownership of the mineral was a matter of principle.

He told the Financial Times: "In Italy, ownership of every property, every car and every boat is registered. Shouldn’t the same apply to assets worth around €300 billion?".

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