Max Keiser’s has previously predicted the loss of Italy of its gold. In a clip below of his show they discuss the new moves of  the EU Commission, which has proposed using Italy’s gold to back bonds. The Financial Times has reported as follows:

Italy has the world’s third-biggest reserves, of 2,451.8 tonnes, worth almost €100bn. If that was used as collateral for the first loss portion of a bond, say the first 20 per cent, it could support issuance of €500bn. Coincidentally, Italy needs €498bn to repay maturing debt between now and 2014.