You may or may not know that Italy is now officially in a recession according economic data from the final quarter of 2018.
This is the third time Italy has been in a recession in the past decade. Giuseppe Conte, the Italian prime minister blames the recession on external factors such as the tensions between US and China.
However whats more interesting is what the Italian Government has stated about the Countries Gold reserves.
Deputy Premier and Interior Minister Matteo Salvini announced on Monday that the Bank of Italy’s gold reserves are “the property of the Italian people, not of anyone else”
Thats right, Italy’s entire central banks Gold reserves have been declared as owned by the people of Italy, not the Government or Central Bank.
This move indicates that Italy is fully aware the economy internally and externally is likely to turn sour over the coming months and years.
Effectively by declaring that the people own all of the Countries Gold reserves they are attempting to protect their Gold from confiscation by other nations for debt owed.
It’s also worth noting that Italy has the third largest Gold reserve in the World with a staggering 2,451.8 tonnes according to the World Gold Council.
Mad Rush to Safe Havens
As the World slips ever deeper into Economic decline more and more major World players such as China and Russia are running to the worlds most historically sound safe haven, Gold.
This dash to increase Gold reserves is likely to increase exponentially over the coming months and years as supply fails to keep up and each nation tries to rack up more than the next.
Follow the Leaders
Though we may have much to criticise about the leaders of just about all nations of the World, they do offer us tips on how we ourselves should be preparing for the future that awaits us. If major nations are building up their Gold reserves and Countries with substantial Gold reserves such as Italy are protecting their assets it would be wise to take note. Holding your wealth in something other than the fiat currency of your Country is something each and everyone of us should consider as a hedge against the probable forthcoming Economic collapse.
Gold is a reliable store of value and even in the unlikely event that this everything bubble continues indefinitely, you will still retain your wealth while it’s held in Gold.