First Portugal, now Gold selling sweeps Italy

A few days ago, we linked to a report that in Portugal, out-of-work citizens have sold almost all their gold. Now, another report says that in Italy, the people also are liquidating their gold jewelry because of hard times.

Reuters: “Times are now so tough that Valerio Novelli, a ticket inspector on Rome’s buses, is planning to sell his old gold teeth.

” ‘I can’t get to the end of the month without running up debts,’ said Novelli, 56, who has to support an ex-wife and daughter. ‘I know I won’t get much, but I need the money .’ “

The story goes on to detail warnings that you have read about on this blog already: That the rise in the price of gold has brought in untrustworthy new gold buyers (in Italy, allegedly connected with the Mafia).

Italians are traditionally collectors of gold: christening, birthday and other gifts are often gold jewelry.

When times get hard, the gold gets sold. It’s hard, but when people get to that point, just think how much assistance they’d get from a bank.