Who does Italy's gold belong to? And why are we talking about it now?
26 November 2025
Italy has around 2 452 tonnes of gold in its reserves, the world’s third-largest national hoard after the United States and Germany.
A one-line amendment in Italy’s 2026 Budget has reopened the question of who controls the country’s $300 billion gold reserves, potentially threatening central bank independence.
A one-line amendment in Italy’s 2026 Budget has reopened the question of who controls the country’s $300 billion gold reserves, potentially threatening central bank independence.