You are here
Italian populists claim central bank gold reserves for government
Italian Populists Target Huge Gold Reserves and Some Cry Foul
By Lorenzo Tataro
Bloomberg News
Monday, February 11, 2019
https://www.bloomberg.com/news/articles/2019-02-11/italian-populists-tar...
Italy's populists opened a new front in their clash with the country's central bank, calling on lawmakers to pass legislation stating that its gold holdings worth almost $103 billion belong to the state.
The gold ownership bill presented by euroskeptic lawmaker Claudio Borghi of the League adds to an already tense relationship between the Bank of Italy and the coalition government. It has also sparked criticism from opposition politicians, and some national media argue that it may allow the government to raid the gold reserves to fund spending promises.
... Dispatch continues below ...
Storage and Withdrawal of Gold with Bullion Star in Singapore
Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.
Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop shop for precious metals in Singapore.
Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage rates are competitive.
For more information, please visit Bullion Star here:
Borghi has rejected the accusation and said he'll ensure Parliament has ultimate power. His concern is that ambiguity of ownership means that a victorious legal action against the central bank -- for inadequate supervision, for example -- leaves open the possibility of a claimant getting compensation in gold.
"My bill only aims at making clear that the gold belongs to the state, not to the government," he said in a telephone interview today. "If there are doubts on our intentions, we can also pass another law saying none of the gold reserves can be sold unless there is a majority of two thirds or more of both houses of Parliament."
The central bank says its 90.8 billion euros in gold is the fourth-largest reserve in the world. Borghi's bill, being examined by the Lower House's Finance Committee, calls for an explicit interpretation of legislation that the institute "holds and manages as deposits" the gold, while the state has ownership.
In Rome today Deputy Premier Matteo Salvini emphasized the point, saying it's "important to state that that gold belongs to Italians."
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
