Golden Victory for Italy, Salvini and Saving Face for the ECB?
Golden Victory for Italy, Salvini and Saving Face for the ECB? by Rory for The Daily Coin
Central banks always seem to cause problems when ever it comes to physical gold. If you noticed, central banks want to tell the world they are holding physical gold for this nation or that nation and “gold is safe”, however, when it comes to actually auditing the gold, seeing the gold through the eyes of a third party or, heaven forbid, taking possession of the physical gold, well, that’s a different story altogether.
It’s fine for the Secretary of Treasury to tell the American people “gold is safe” but when we the people ask about seeing the gold, well, now that’s just crazy talk.
— Steven Mnuchin (@stevenmnuchin1) August 21, 2017
This is to say nothing of the situation that happened with Germany and repatriating a portion of their gold. It is still highly questionable wether Germany received any physical gold or not.
We have been following the conservative, citizen focused uprising across Europe for the past several years. The people of the individual nation states have grown weary of being ruled by a group of unelected bureaucrats in Brussels, Belgium. The first serious attempt at change came in Greece a few years ago when the Sizra Party took control of the government, but since PM Tsirpas wanted his cake and the ability to eat it, too, well that didn’t work out so well for the people. We believe the citizens have learned a lot and the next election we’ll see a full blown conservative take charge and represent the people.
Next came Catalonia, Spain. Not only did the people want to be governed by local citizens of Catalonia they also wanted to break away from Spain as a 100% act of independence.
This was quickly followed by Italy and the Matteo Salvini. Salvini is doing exactly what he said he would do if he were elected. Cutting off the border jumpers arriving by ship from Africa and, literally, running into the country. This has now been stopped. The next thing is to get a grip on the odious debt that has been foisted upon the Italian people. Part of Salvini’s plan is to make use of Italy’s vast gold holdings – third in the world for any sovereign nation. Italy is fourth overall if the gold holdings of the IMF are accounted along side national gold holdings.
We recently discussed the situation surrounding Italy’s gold being held hostage by the European Central Bank (ECB) and the fact the ECB all but told Italy the gold belongs to the ECB not the Italian people. Needless to say this did not go over well with Salvini nor any of the Italian citizens paying attention and smart enough to understand the implications.
Now we learn the ECB doesn’t want to draw any more attention to this whole “gold situation”, no need to bring about unwanted attention, so they are considering changing course to their earlier actions and, more importantly, the ECB’s signal to the world that the central banks own the gold supposedly owned by the citizens of the nation the bank is holding the gold.
The European Central Bank has given tentative approval to the Italian coalition government for it to amend the official terms of ownership with regards Italy’s national gold reserves.
The ECB cautiously permitted the Italian government to proceed with its changes on Tuesday, though stated its expectations that the government consults with the Bank of Italy over any changes, for the sake of full transparency and in order to respect the independence of the central bank.
At present, la Banca d’Italia is the official owner of Italy’s 2,451.8 tonnes of gold bullion. The right-wing Lega party (one half of Italy’s coalition government) is keen to amend the law to clearly state that the bank holds the gold specifically on behalf of the Italian state.
The ECB is concerned by the phrase “an exclusive title of deposit”, which the European bank feels could be a hindrance to the Italian central bank regarding its access to the gold reserves and its responsibilities with regards international treaty compliance. The ECB also opined that the gold reserves must not be transferred from Banca d’Italia to the state’s own balance sheet. Source
Salvini and the Lega Party are looking out for the people and the ECB is looking out for their stolen gold – Salvini is a smart man and has challenged these criminals on the global stage. With the world watching the ECB is having their hand forced. While they are slow walking this amendment they have no choice to approve it and state the gold they hold actually belongs to the people of Italy and not the bank. This is a massive victory for the Italian people, for the gold community and huge kick-in-the-teeth for euro, dollar and central banks.
Of course Italy will now be attacked, financially, economically and every way possible short of a bombing raid to show Italy what a mistake this was to want their gold. If you don’t believe me simply look at Venezuela and tell me what you see – explain the time line and string of events that started the unfolding nightmare. I can assure you, if the power of critical thought and the ability to connect dots is used what will be seen in Venezuela is the country requesting their gold be returned is the source of their economic and financial problems.
The Five Star/Lega Nord coalition both saw sharp increases in vote share at the last general election, leading to their partnership over the shared values of being anti-establishment, within which falls heavy criticism of the European Union and the European Central Bank. These changes to the gold reserve holding rules are unsurprising, but the tensions between the coalition and the central bank could cause headaches in the future if this situation isn’t managed carefully. Source
Will we see what happened in Venezuela happen in Italy? Is it possible since, currently, Italy uses the euro as their currency. If Italy brings back the lira the country may not have the protection and their economic and financial situation may turn as dark and ugly as we see in Venezuela. Everything is changing and now is the time to begin paying close attention.