Multimode Gaussian quantum light, including multimode squeezed and/or multipartite quadrature entangled light, is a very general and powerful quantum resource with promising applications to quantum information processing and metrology involving continuous variables. In this paper, we determine the ultimate sensitivity in the estimation of any parameter when the information about this parameter is encoded in such Gaussian light, irrespective of the exact information extraction protocol used in the estimation. We then show that, for a given set of available quantum resources, the most economical way to maximize the sensitivity is to put the most squeezed state available in a well-defined light mode. This implies that it is not possible to take advantage of the existence of squeezed fluctuations in other modes, nor of quantum correlations and entanglement between different modes. We show that an appropriate homodyne detection scheme allows us to reach this Cramr-Rao bound. We apply finally these considerations to the problem of optimal phase estimation using interferometric techniques.