Italy holds third-largest gold reserves at 2451.84 tons worth 340 billion dollars. Reserves make up 77% of Italy's reserve assets. Most gold stored in Rome, rest in Fort Knox, London, Bern. Senators from Brothers of Italy party proposed amendment claiming reserves belong to state for nation. Amendment changed days later to say gold belongs to Italian nation, dropping state reference. ECB warns limiting central bank gold management violates EU law. Eurosystem manages official reserves per TFEU Article 127. Gold treated as monetary asset for euro stability, not fiscal resource. Former ECB head Draghi stated gold decisions need ECB approval. ECB holds 506.5 tons from national banks. Italy's central bank executes ECB policy and manages gold share. Senators aim to prevent gold misuse or sell-off. No plans to sell gold per senator Malan. Proposal for 12.5% tax on undeclared family gold holdings to raise 2 billion euros yearly. Current 26% sales tax on undocumented gold pushes sales to black market. Many Italians hold inherited undocumented gold as safe haven pre-euro.