Gold to play major role in Italy economic recovery
According to a WGC survey, Only 4% of citizens and business leaders would support the sale of Italy's gold reserves, while 52% of citizens and 61% of business leaders would endorse using, but not selling, national gold reserves.
Majority of Italian's, holder of world's fourth largest gold reserves holder, are against selling some gold from country’s huge reserves to sped up economic recovery.
According to a WGC survey, Only 4% of citizens and business leaders would support the sale of Italy's
gold reserves, while 52% of citizens and 61% of business leaders would endorse using, but not selling, national gold reserves.
The study revealed that Italian business leaders (92%) and citizens (85%) overwhelmingly agree that the nation's gold reserves have an important and positive role to play in the country's economic recovery.
The report is based on research commissioned by the World Gold Council and carried out by Ipsos MORI, the independent research firm.
It incorporates the views of a representative sample of 1,009 Italian citizens aged 16-70, plus a separatestudy of 300 Italian business leaders1. It captures public sentiment in relation to Italy's economic recovery.
There is also broad support for an economic policy which seeks to stimulate growth, according to the research, with 59% of the general public and 60% of business leaders favoring such an economic policy.
A further 36% of citizens and 25% of business leaders preferred an approach which blends both growth initiatives and austerity measures, with only 4% supporting austerity in isolation.
The report particularly highlights the role that Italy's gold reserves could play in supporting economic growth. While the outright sale of national gold reserves would not meet the required level of funding, using gold as collateral for a gold-backed bond could help Italy raise around 80% of its two year refinancing needs.
The research forms part of a broader body of work carried out on behalf of the World Gold Council by independent organizations and renowned academics into the role gold can play as a foundation in the global financial system.
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