Gold Rush: Italy's Gold Reserves and the Clash with the ECB

Italy's nationalist party, led by Prime Minister Giorgia Meloni, argues that foreign shareholders shouldn't claim rights over the Bank of Italy's vast gold reserves. Amid tensions with the ECB, the party suggests legal amendments to protect ownership, citing the significance of this $300 billion national asset.

Italy's ruling nationalist party, led by Prime Minister Giorgia Meloni, is embroiled in a dispute with the European Central Bank (ECB) over the ownership rights of the nation's substantial gold reserves.

The party argues that foreign shareholders should not stake a claim over these reserves, which are worth approximately $300 billion. They propose amendments to the 2026 budget law to specify that the Bank of Italy's gold belongs to the Italian people.

The European Central Bank has raised concerns about these moves, warning that it could undermine the independence of national central banks. Discussions between Italian officials and the ECB are ongoing as both sides seek a resolution.

(With inputs from agencies.)