ML-Implode News - Is the Next Big Thing 1,700 Tonnes of Gold Purchases?

In short, [the BIS is] meeting to consider making gold a Tier 1 asset for commercial banks with 100% weighting, rather than a Tier 3 asset with just a 50% risk weighting as it does today. At the same time they are set to increase the amount of capital banks must set aside as well. A double win potentially.
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In terms of amount of gold that could be purchased that is harder still -- if we thought that say 2% of total current Tier 1 capital held by commercial banks globally might be converted into gold (forgetting for a moment about the increases in capital yet to be seen) -- this would suggest that 2% of the $4,276 billion would be converted to gold. That is equivalent to $85 billion in gold which at current market prices is equivalent to 1,700 tonnes of gold.

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Is the Next Big Thing 1,700 Tonnes of Gold Purchases?