ITALY’S SALVINI SUGGESTS USING GOLD RESERVES TO PLUG BUDGET HOLES

ITALY’S SALVINI SUGGESTS USING GOLD RESERVES TO PLUG BUDGET HOLES from Gold Broker

By Angelo Amante and Steve Scherer

Italian Deputy Prime Minister Matteo Salvini said on Monday that the idea of plugging budget holes by using the country’s gold reserves, which are held by the Bank of Italy, could be a good idea.

Earlier, La Stampa newspaper reported the government was considering using part of the country’s gold reserves to avoid a budget correction for this year and a VAT increase in 2020.

“It’s not an issue that I am following, but it could be an interesting idea,” Salvini told reporters in Rome after being asked about the possibility of tapping gold reserves.

ITALY MINISTER NEVER HEARD TALK ABOUT USING BANK OF ITALY GOLD

Italian Agriculture Minister Gian Marco Centinaio, responding to a newspaper report, said on Monday he had never heard anyone in the government speak about using gold reserves held by the Bank of Italy to plug budget shortfalls.

“I’ve never heard talk in cabinet meetings or any other political settings about getting our hands on the Bank of Italy’s gold,” Centinaio said in an interview with Radio Capital.

According to the World Gold Council, Italy is the third-largest holder of gold on the planet, with 2,451.8 tonnes, behind the United States (8,133.5 tonnes), Germany (3,369.7 tonnes), and ahead of France (2,436 tonnes).

 

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Gold Broker

Goldbroker was founded by French investor and entrepreneur Fabrice Drouin Ristori. He graduated from Kedge Business School in France in 2004 before moving to Malta to develop two companies specialized in the online gaming sector when the European gaming market was about to open. After selling both companies he started his own private investment company, FDR Capital Ltd, and quickly started to invest in physical gold and silver (2008). He specialized in analyzing the gold and silver markets and started to publish analysis.