Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Commodities  >  Gold       XAUUSD

GOLD

My previous session
Most popular
SummaryQuotesChartsNews 
News SummaryAll news

League drafts terms for possible sale of Italy's gold reserves

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/11/2019 | 02:36pm EST
File picture shows the Banca D'Italia logo at the headquarters in Milan, Italy

ROME (Reuters) - Italy's ruling League party has drafted a law proposal which would eventually allow the government to sell the country's gold reserves through a change to the constitution.

On Monday La Stampa newspaper said the government was considering using part of the reserves, which are held by the Bank of Italy, to rein in its budget deficit this year and avoid a planned VAT increase in 2020.

Officials in the majority denied any plan to sell the gold, but the draft seen by Reuters proposes an amendment to current legislation which would allow the sale of the reserves if it were "authorised through a constitutional law."

Claudio Borghi, the League's economics spokesman, told Reuters the amendment, which has not yet been presented in parliament, was "only a hypothesis."

Borghi has already tabled a bill intended to establish that the gold is the property of the state, rather than of the Bank of Italy, a point which is disputed in Italy.

The proposal for a constitutional law was aimed at reassuring people that the government had no plans to sell the reserves to fix its current public finance difficulties, Borghi said.

A constitutional law requires a lengthy legislative process, a large parliamentary majority, and in some cases a referendum.

Borghi said that alternatively, his party may present a law spelling out that a 2/3 parliamentary majority was required to sell the gold, or even that it could not be sold under any circumstances.

Italy is the world's third-largest holder of gold reserves, behind the United States and Germany, with 2,451.8 tonnes as of last year, according to the World Gold Council.

By Gavin Jones

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on GOLD
02/15Petropavlovsk Urges Shareholders to Back Loan Guarantees
DJ
02/15S.Africa's Gold Fields FY profit slumps as production drops
RE
02/15GOLD FIELDS : Loss Widened on Falling Production in 2018
DJ
02/14Sibanye-Stillwater may cut nearly 6,000 jobs in gold shake-up
RE
02/13Newcrest 1st Half Profit More than Doubles
DJ
02/13BARRICK GOLD : New Barrick Gold CEO Says Joining With Rival at Some Mines Would ..
DJ
02/13Gold Prices Drift Higher After Lukewarm Inflation Data
DJ
02/13Barrick sets bullish 2019 gold output target after Randgold deal
RE
02/13BARRICK GOLD : Loss Widens on Impairments
DJ
02/13Italy government won't sell 'a gram' of gold reserves - League lawmaker
RE
More news
Chart GOLD
Duration : Period :
Gold Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GOLD
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral