Italian Lawmakers Push for State Ownership of $300 Billion Gold Reserves

Italian lawmakers from Prime Minister Giorgia Meloni's party have proposed legislation to confirm that Italy's $300 billion in gold reserves belong to the state. The proposal, intended as a budget amendment, seeks to resolve longstanding debates about ownership and potentially address the nation's large public debt.

Italian lawmakers have reignited efforts to establish state ownership of the central bank's gold reserves, valued at $300 billion, by introducing a proposal to parliament. This measure, backed by senators from Prime Minister Giorgia Meloni's Brothers of Italy party, aims to amend next year's budget to clarify ownership of the precious metal.

The Bank of Italy holds the world's third-largest gold stockpile, trailing only the U.S. and Germany. This substantial cache, weighing in at 2,452 metric tons, is valued at approximately 13% of Italy's projected national output for 2024, sparking political debate over its ownership.

Politicians across party lines have previously advocated for the sale of these holdings to reduce Italy's more than 3 trillion euros in public debt, forecasted to peak at 137.4% of GDP next year. Critics, however, argue that such moves threaten the central bank's independence as enshrined by European Union treaties.

(With inputs from agencies.)