Italy Gold Reserves: Banca d'Italia, Ownership and Tax
Italy’s gold reserves total 2,452 tonnes and are managed by the Banca d'Italia. Among countries, Italy ranks third behind the United States and Germany, or fourth if the IMF is included. Almost half of the gold is stored in Rome, a large part in the United States.
How much gold does Italy have?
The Banca d'Italia states its holdings as 2,452 tonnes, mostly in the form of 95,493 bars and a smaller part in coins. At the end of 2025, the gold stood at €289.2 billion on the central bank’s balance sheet.
The current quantity has existed since the late 1990s. At that time the state foreign exchange office, Ufficio Italiano Cambi, transferred gold to the Banca d'Italia, and at the same time part of the reserves went to the European Central Bank.
Where is Italy’s gold stored?
The Banca d'Italia publishes the breakdown on its website. It explains storage abroad by history – the gold is often held where it was bought – and by risk diversification. In major financial centres, it says, gold can also be used more quickly if needed.
In September 2026 the Banca d'Italia stated that it had not carried out any gold transfers. This followed reports about the transfer of Dutch gold out of New York.
| Country | Tonnes | Share |
|---|---|---|
| Italy (Rome) | 1,100 | 44.86% |
| United States | 1,061.5 | 43.29% |
| Switzerland | 149.3 | 6.09% |
| United Kingdom | 141.2 | 5.76% |
History of Italy’s gold reserve
The Banca d'Italia was created in 1893 from the merger of three banks of issue and received an initial endowment of gold. The reserve grew until the Second World War; after the war it was at a low, partly because occupying troops had taken gold. Afterwards it rose again with dollar inflows.
In 1976, Italian gold served as collateral for a loan from the Bundesbank. According to the Banca d'Italia, the purpose of the reserve is to strengthen confidence in the stability of the Italian financial system and in the single currency. The holdings in Rome are audited every year by an audit firm together with internal audit; for the holdings abroad, the custodian central banks provide annual confirmations.
Who owns the gold? The 2025 debate
At the end of 2025, members of parliament from the governing party Fratelli d'Italia tabled an amendment to the budget law stating that the gold should belong to the state. The European Central Bank responded critically in two opinions: the purpose of the rule was unclear, and the independence of the Banca d'Italia had to be preserved.
The text was then reworded. Article 1(2) of Budget Law No. 199 of 30 December 2025 now states that the gold reserves managed and recorded by the Banca d'Italia belong to the “Popolo italiano”, the Italian people. The rule expressly applies only within the framework of the EU Treaties, i.e. while preserving the independence of the central bank and the prohibition of monetary financing of the state. Commentators saw it mainly as a symbolic statement. The Banca d'Italia’s management of the gold continues to be based on Legislative Decree No. 43/1998, which refers to Article 31 of the Statute of the European System of Central Banks.
Italy: gold tax for individuals
Anyone in Italy who sells investment gold pays a substitute tax (imposta sostitutiva) of 26 per cent on the gain. Simply owning gold is not taxed, and the purchase of investment gold is exempt from VAT.
A special rule applies to gold without proof of purchase: since 1 January 2024 the tax has been calculated on the entire sale proceeds, as if the gold had cost nothing. The basis is the 2024 Budget Law (Law No. 213/2023). Previously, a flat 25 per cent of the proceeds was treated as the gain. For €10,000 of proceeds without proof of purchase, the tax is now €2,600 instead of €650 previously. The gain is declared in section RT of the tax return.
For the 2026 budget, a more favourable revaluation of older holdings without proof of purchase was discussed, at rates of 12.5 to 13 per cent. According to Italian gold dealers, this rule was not adopted. Anyone affected should seek tax advice.
