Congratulations, Carlo, you have joined a very exclusive club; the Australian La Peppina Owners Who Post About Them Online (ALPOWPATO). I think its just you and me!
Unfortunately, the steam wand really is a bit of a gimmick. Many similar lever machines manufactured in that era did not have one at all and I gather that FE-AR decided to add one just for the American market. The only thing that you can really do to stop steam coming out the tip while you put it into milk is to undo the lid, releasing the seal a bit, then twist it closed when youre ready to steam. When youre done, release the lid a bit again.
Personally, I wouldnt even bother trying to steam with it, unless yours is the 1100W version (check the back, where the plug plugs in). I removed the steam wand from mine.
There isnt much information about the machine online; the best places to look are these:
A brief overview; some photos and the parts diagram
Jim Schulmans Review