Overview

• Banca d’Italia released new vault photographs via Reuters that showcase neatly stacked bars from its national stash.
• Italy holds about 2,452 tonnes of gold, ranking third globally behind the United States and Germany.
• At current record prices the cache is worth roughly €285 billion (about $300 billion), equal to around 13% of Italy’s 2024 GDP.
• Reserves are split across locations with roughly 1,100 tonnes in Rome, a similar amount in New York, and smaller holdings in London and Switzerland.
• Italy rebuilt its hoard after World War II and has kept it through crises; officials and analysts stress there is no plan to sell, noting even a large sale would not resolve the country’s debt.