At Least One Italian Export Is Soaring: Gold

Tyler Durden's picture

When one thinks PIIGS, one usually imagines countries with collapsing economies, 50%+ youth unemployment, and current account deficits so large they are about to drag down the ECB, Bundesbank and Germany. And while that is absolutely correct for the most part, there is one product which the PIIGS, or in this case Italy, are all too happy to export in size. Gold, and not just to anywhere, but to that ultimate safe haven - Switzerland. From BBC: "Italian exports of gold ingots to Switzerland have soared in recent months, data has shown. Exports to Switzerland were 35.6% higher than in February 2011 "mainly because of sales of non-monetary raw gold", statistics agency Istat said. This followed a 34.6% year-on-year rise in exports to Switzerland in January." And the absolutely funniest attempt at spin ever:

"Experts say improvements in the trade deficit could be a sign that Prime Minister Mario Monti's economic reforms are starting to take effect."

Uhm, when the country is exporting the only real asset it has for when it will need to backstop its own currency following the inevitable collapse of the EUR, this is not exactly a sign that the country's reforms are taking effect, but rather that everyone else in Europe is stockpiling the precious metal in advance of "some" event, which is coming.

In the meantime, and closely related, as we posted two months ago, another soaring Italian export... are bank deposits.

Come to think of it, the two are quite closely tied.

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EscapeKey's picture

"some" event, which is coming.

That must be the elusive recovery. They've been predicted its arrival for years now.

GetZeeGold's picture



Green chutes baby...


Ahmeexnal's picture

That event just came:



Argentina expropia YPF


En medio de una salva de aplausos y de himnos patrióticos, el Gobierno de Cristina Fernández de Kirchner anunció el envío al Congreso de un proyecto de ley para "salvaguardar la soberanía hidrocarburífera de Argentina". El proyecto contempla como medida central la expropiación de la totalidad de las acciones de YPF, que están en manos del grupo argentino Eskenazi y de la empresa española Repsol.


The reason of the expropiation is the discovery of several major oil fields such as the one at "dead cow".  But don't tell oilpeak fucktards about that, since they will deny the facts:

EscapeKey's picture

 it holds about 13 billion barrels of oil equivalent

Ooh nice, with an extraction rate of say 40% (which is rather generous), that would be 5.2bn recoverable, which is sufficient to supply the world with oil for around 60 days.

Ahmeexnal's picture

YPF shares are plunging:

They can still plunge some more. Time to put on some shorts?


Pladizow's picture

"Like liberty, gold never stays where it is undervalued." - J.S Morill, Speach in the US Senate, 1/28/1878.

achmachat's picture

is anybody STILL looking for the canary in the mine?
this is as yellow as it will get!

Colombian Gringo's picture

Gold is money. Fiat is just paper backed by government coercion.

boogerbently's picture

They will "nationlize" gold, next!

Don Keot's picture

Black swan, no one could possibly see it coming./sarc

vmromk's picture

Italy, send your gold to me.

HoofHearted's picture

All of your gold are belong to us. And we at ZH have stellar boating skills...

hamurobby's picture

Just sit right back and you"ll hear a tale,

 a tale of a fateful trip...

5880's picture

gold looks sick

fuu's picture

Whatever Mr. Sack.

5880's picture


I'm sure you're a BSD


fuu's picture

Nope, I'm just an ape with a gun.

DoChenRollingBearing's picture

Everyone needs to be careful when an ape with a gun comes into the room...

akak's picture

So how long have you worked for the TSA?

navy62802's picture

I personally don't believe that there's such a thing as "non-monetary raw gold." All gold is money.

alexwest's picture

its called 'pretentiousness'

author by using 'non-monetary raw gold' tries to show he/she is an expert on gold matters,,

besides, most fuckers get paid per word.. so


A Nanny Moose's picture

I don't know but there were two of them, and the were allegedly seen leaving the Sack of Suds in a hurry.

bugs_'s picture

'Camp' Freddie: But Mr. Bridger, what if the Professor's not bent?

Mr. Bridger: Camp Freddie, everyone in the *world* is bent!

Dr. Engali's picture

Kind of funny that the two countries with a figurehead leader are exporting their gold.

rehypothecator's picture

They're doing exactly what they were put there to do.  In another day and age, it would be called plunder. 

Why steal all a country's gold?  Tradition.

Don Keot's picture

Shhh, no one is supposed to notice, that's the plan.  NWS, new world slavery.

q99x2's picture

This is just a rumor but I've heard the ECB is nearing an approval for a bailout to Spain so that it avoids bankruptcy and is not forced to default on its loans.

Couldn't resist. Had to get it out of the way. Since we will be f'n hearing about it 10 times a day for the next year.

Fiat Currency's picture

"Uhm, when the country is exporting the only real asset it has for when it will need to backstop its own currency following the inevitable collapse of the EUR ..."

No offense - but it seems to me that could have been better worded. My assumption (could be wrong) is that this is individually & privately owned gold leaving the country - not the Italian government's. If so - then the wording implies that private gold confiscation is the Italian goverment's salvation - a position I doubt Zero Hedge supports.

One's gold does not have to be in country to re-boot a broken system. In fact - many opinions support keeping it as far away from your politicians as possible.

DoChenRollingBearing's picture

+ 1

That's the way I read it too.  Private gold, not Italian national gold.

I think that any Italian gold left in private hands would NOT get turned over to their .gov.  Nobody believes in their .govs anymore.  If I were an Italian with a decent amount of gold, I too would put some in Switzerland.

TNTARG's picture

Shit! They're selling my granfathers' gold. We're deeply in trouble.

xela2200's picture

Don't worry my Grandfather's people will take good care of it.

alexwest's picture

yeah it would be wise to move gold into country that is neutral
and probably last true democracy on earth as swiss people can/do have referendum on each major issue..

++ most swiss keep guns at home, and seems not afraid to use it..

thanks god not much negroes out there, so thats why criminal rate is so low...
only stupid ones try to rob/ kill arm bearing citizens..


Bam_Man's picture

The Swissies are getting nervous and have good reason to be.

When the Euro finally shits the bed, the SNB will be stuck sitting on the Mt Everest of worthless Euros it has purchased to maintain the CHF "soft-peg". At that point the only thing standing between the CHF and SNB insolvency and possible hyperinflation will be whatever Gold the SNB has.

DoChenRollingBearing's picture

Swiss BANKS hold gold too.  How much?  I don't know, it's secret!

tocointhephrase's picture

So what makes it "non-monetary raw gold" coz 9999 is pretty raw to me and boy that is money? 

Debtless's picture

I wish phyz would hurry up and briefly dip below $1600 & $30.

DoChenRollingBearing's picture

Don't wait and try to buy on dips.  Just buy when you have extra fiats come in.

tocointhephrase's picture

BBC are scum (just sayin)