Wednesday, August 8, 2012
FDIC and Fed issue "Notice of Proposed Rulemaking"
to adopt Basel III
Thanks to Les for this information:
FDIC and Fed issue "Notice of Proposed Rulemaking" to adopt Basel III
Last week, the FDIC and the Fed issued a "Notice of Proposed Rulemaking" to adopt the Basel III capital requirements. If this new rule is adopted as proposed, gold would shift to a zero-risk weighting for purposes of calculating bank capital by the year 2015. Such a move would eventually place gold at the heart of global currency and payment systems -- seemingly a shift back towards a gold standard.
This action is a strong confirmation that gold's primary trend will likely continue.