28 June 2021 will mark Basel III rule that banks will have to put up 85% of the value of the unallocated gold in their reserves. Before Basel III, the banks didn't have to put any value of the unallocated gold in their reserves. No shenanigans are allowed anymore and this will increase real physical demand for gold. For example, if the bank owns $1 billion in unallocated gold, the bank will need to increase reserves by $850 million, which is a big increase in costs. Banks will try to get rid of unallocated gold or they will buy physical gold.
Implementation of the NSFR will be done on July 1, 2021.
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