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Gold Reserves
2,451.8t
Reserve Value
$228.60B
% of Reserves
69.8%
YoY Change
0.0t
Est. Purchase Cost
—
Gold/Currency Ratio
16.16%
Italy maintains stable gold reserves as a prudent anchor for its economy, given high public debt and fiscal vulnerabilities within the Eurozone. Holding levels reflects confidence in gold's role without need for active changes amid steady inflation. This stability prioritizes reserve preservation over rebalancing.
Notable Activity
Italy's holdings remained unchanged at 2452 tonnes year-over-year.
Key Motivations
What this means
The gold/currency ratio measures how much of a country's money supply is "backed" by gold reserves. A higher ratio suggests stronger implicit gold backing of the currency. This country has relatively strong gold backing compared to peers.
Bullion Fear & Greed Index
Was the market fearful or greedy when Italy was buying? Central banks often buy gold during market fear — the opposite of retail.
Gold/Silver Ratio
Central banks buy gold, not silver. Track the gold/silver ratio to understand relative value between the two metals.
Mining ETFs
Central bank buying supports gold prices, which flows through to mining company valuations. Track GDX, GDXJ, and miner sentiment.
Data Sources
Gold holdings from IMF International Financial Statistics (IFS) and World Gold Council. M1 money supply from FRED and IMF. Geopolitical context enriched monthly. Last updated: 2026-03-31.