๐ตโ๐ซThe Gigantic Gold Reserves of Italy and the Repatriation Debate ๐ฐ
Italy has approximately 2,452 metric tons of gold, the third largest national reserve in the world ๐ after the United States and Germany.
Location of the Reserves ๐บ๏ธ
These reserves are not stored in one single place. Most of them are stored in:
Rome: ๐๏ธ A large part is located in the vaults of the Bank of Italy.
Fort Knox (U.S.): ๐บ๐ธ About 43% of the reserves are held at the Federal Reserve Bank of New York.
London and Bern: ๐ฌ๐ง๐จ๐ญ The rest is distributed between the Bank of England and the Swiss National Bank, respectively.
The Italian government, led by Giorgia Meloni's Brothers of Italy party, has revived the debate over who legally owns that gold.
Recent Budget Amendment: At the end of November 2025, an amendment to the 2026 budget law was approved, stating that the gold reserves managed by the Bank of Italy "belong to the State on behalf of the Italian people" ๐ฎ๐น.
The Conflict: ๐ช๐บ This measure seeks to assert the State's sovereignty over the reserves, which are currently managed independently by the Bank of Italy. The independence of the central bank and the management of its assets are key requirements of the European Union treaties and the European Central Bank (ECB), thus this amendment has raised concerns about a potential conflict with EU regulations. Alongside the legal debate over ownership, there has been political pressure to repatriate the gold from the vaults of the United States. This pressure, also shared by Germany, is due to increasing global geopolitical instability and concerns over possible interference in the U.S. financial system. ๐
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