Banca d'Italia says gold reserves key to central bank independence


By Jan Harvey and Clara Denina
Monday, September 30, 2013

ROME -- Keeping gold reserves is a key support to central banks' independence, an official from Banca d'Italia told a bullion industry conference on Monday, dampening talk that it might sell some of its holdings.

Speculation has emerged since the financial crisis hit the euro zone that Banca d'Italia might be pressured to leverage or even sell some of its huge gold reserves, the fourth largest among the world's central banks, to help prop up its economy.

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