Italy wants its $300B gold returned

derryb

but European Central Bank says no, because it will undermine national central bank independence.

"Dear ECB, in case you have any ideas… Italy’s gold is Italy’s, not Europe’s."

taxmad

@derryb said:
but European Central Bank says no, because it will undermine national central bank independence.

"Dear ECB, in case you have any ideas… Italy’s gold is Italy’s, not Europe’s."

The ECB should just give them shares of GLD - same thing...

cinque1543

Just to clarify, the Italian legislature wants to pass an amendment declaring that the gold reserves of the Italian central bank (Bank of Italy) are the property of the Italian state, to be managed on behalf of the Italian people.

The European Central Bank (ECB), however, says that the gold is not the property of the Italian state, but solely of the Bank of Italy. The ECB further says that any move to transfer control to the Italian legislature would violate the bank’s autonomy and EU treaties.

So no, the ECB is not trying to take the gold from Italy. Just the opposite. They're trying to keep it out of the hands of Italian politicians who likely would sell a lot of it to pay off deficits rather than having to cut back on government spending.

softparade

@taxmad said:

@derryb said:
but European Central Bank says no, because it will undermine national central bank independence.

"Dear ECB, in case you have any ideas… Italy’s gold is Italy’s, not Europe’s."

The ECB should just give them shares of GLD - same thing...

I assume that's the gold equivalent of the SLV scam hahaha