Mafia raking in billions as hard-up Italians sell gold

Italy’s traditional goldsmiths are up in arms over a boom in the poorly regulated cash-for-gold sector that is making billions for the mafia as hard-up Italians rush to sell off their bling.

Cash-for-gold shops have filled Italy’s streets in recent months, with blanket tele-vision adverts urging Italians to sell off their medallions and jewels for quick cash.

Much of the gold makes its way across the Alps to Switzerland — whether legally or smuggled across the border — making gold Italy’s fastest growing export and Switzerland a more prominent market for Italy.