Reclassifying Italy’s central bank gold could shift ownership and open the door to fiscal use. These changes can influence global safe-haven flows and market expectations.
In early December 2025, Italy proposed a budget amendment that describes the Bank of Italy’s gold as property of the people.
The European Central Bank (ECB) reacted quickly because Italy’s gold reserve of about 2,452 tonnes worth roughly €285bn or about $300bn, is large enough to matter for both policy and markets.
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What The Gold Amendment Means For Italy
Lawmakers backing the amendment want clearer state ownership language over the gold.
Supporters present it as a technical clarification, but the ECB sees a risk to central-bank independence and urged lawmakers to reconsider the Italy gold reserves proposal.
EU rules protect a central bank’s control over reserves so that governments do not access them for political or fiscal goals.
The ECB warned that changing ownership could interfere with these rules, especially the parts of the ESCB framework that cover autonomy and reserve management.
If the final version of the amendment conflicts with EU law, Italy may need to revise it or face a formal challenge.
ALSO READ: 2025 Treasury Moves Drive Safe-Haven Flows Into Gold and Silver
How The Amendment Could Affect Gold Prices
If the amendment gives the state new control, Italy could use a portion of its gold as collateral or even authorize limited sales. Even small moves make a big difference.
A 1% sale of Italy’s reserves equals about 24.5 tonnes, which is a meaningful amount when compared to recent central-bank and ETF flows.
Even discussion of potential sales can increase volatility because investors quickly adjust their view of sovereign risk and safe-haven demand.
To understand how gold might react, track ETF inflows and outflows, central-bank buying patterns, and moves in yields and EUR/USD.
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Conclusion
This budget amendment creates uncertainty for Italy’s gold reserves and could influence markets.
While it does not guarantee price changes, it raises the potential for volatility. Key developments to follow include the budget vote, the ECB’s final opinion, and any shifts in ETF flows or central-bank gold movements.
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