The Bank of Italy has not made any transfer of gold reserves. This was announced by the institute itself, responding to those wondering if it would make the same decision as the Dutch Central Bank (Dnb), which recently disclosed that it moved part of its gold reserves from the United States and Canada to London in response to increasing geopolitical tensions.
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Italian reserves
As stated on the Bankitalia website, with a total amount of gold reserves equal to 2,452 tons, with a current market value of about 280 billion euros, Italy is the fourth largest holder of gold reserves in the world. On the podium of the ranking are the US Federal Reserve, the German Bundesbank, and the International Monetary Fund. Italian gold mainly consists of bars (95,493) and to a lesser extent coins.
The reserves of our country are kept, besides in the vaults of Palazzo Koch in Rome, at some other banks. While 1,100 tons (44.86% of the total) remain in Italy, an almost equivalent portion of our reserves is located in the United States (1,061.5 tons, 43.29% of the total). Gold is then, to a lesser extent, stored in Switzerland (149.3 tons, 6.09%) and in the United Kingdom, where 141.2 tons (5.76%) are held.
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The Dnb decision
Last Wednesday, De Nederlandsche Bank announced that it had withdrawn 86 of the 313 tons of gold held in the US and Canada. In a statement, the Dnb explained that the measure aims to improve the liquidity and negotiability of reserves and strengthen the ability to withstand crises. To be more effective in responding to emergencies dictated by an increasingly unstable international scenario, the Netherlands sought to achieve a more balanced distribution of reserves to spread the risk.
The transfer took place between March and August and the gold was moved to the Bank of England in London. The British capital is considered “the largest” global center for physical gold, where the metal can be more easily and quickly available in case of crisis. Governor Olaf Sleijpen specified that the Netherlands expects “never to have to use it” but at the same time needs to strengthen the country’s resilience.
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