Basel III
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Search complete. 66 mentions across 41 episodes found for "Basel III".
Oct 28, 2026
Dan CliftonGUEST
But I would really focus on that banking deregulation.
Dan CliftonGUEST
We think that the Basel III rules will require the banks to hold less reserves.
Dan CliftonGUEST
And then following that will be liquidity rules that will then actually free up bank capital.
Dan CliftonGUEST
And that freeing up of the bank capital allows them to buy more treasuries and issue more loans.
RonHOST
But wait, there's more.
RonHOST
Because he says, under the Basel III net stable funding ratio rules, banks must hold $85 in cash or equivalents for every $100 of unallocated silver.
RonHOST
Felix argues that cost turns paper silver from a profit center into a loss-making line, pushing banks towards holding physical silver metal.
RonHOST
Let's go to China, because the refiners are handling an estimated 60 to 70 percent of the world's refined silver export.
Josh SigurdsonHOST
Ain't going to do it, my friends.
Josh SigurdsonHOST
We have Basel III, where 63 central banks back in September 2024, at the same time as the United Nations Pact for the Future, which was signed by 193 countries, pushed forward shutting down your bank if you say critical things about the government or politicians or narratives, which would mean that they could shut off your food and force you into rations.
Josh SigurdsonHOST
The Basel III was signed on to by 63 central banks the same month in September 2024, which allows them to bail in your bank and take all your money to pay off their own debts.
Josh SigurdsonHOST
The FDIC does not back that.
Josh SigurdsonHOST
They say it does, but it doesn't.
Andrew MaguireHOST
And I think what I'm leading to is watch out in November.
Andrew MaguireHOST
I really believe watch out in November because basically, if you remember, before Basel III was launched and the BIS covered all 500 tons of their own swaps in November, two months ahead, basically, late October, two months ahead, they front ran Basel III reclassification of gold.
Andrew MaguireHOST
Oh, OK.
Andrew MaguireHOST
Is it a coincidence that gold rose 4,000 bucks almost in a linear fashion? OK, it went overshot at the end at 5,600 bucks.
Andy SchectmanGUEST
as they did in the 60 years previously combined.
Andy SchectmanGUEST
And then in 2019, they doubled that amount.
Andy SchectmanGUEST
And then somehow, mysteriously, what do you know, the BIS reclassified gold with Basel III, and they front ran.
Andy SchectmanGUEST
They all front ran it.
Ivo MulderGUEST
And I would say an overall large or big bottleneck is sort of this wave of disincentives by governments and regulators.
Ivo MulderGUEST
And what I mean by that, if you think about Basel III regulation, for example, it's essentially incentivizing banks to finance on short-term and taking little risk putting money into AAA-listed assets.
Ivo MulderGUEST
And so that, again, sits at odds with companies whose business model may be less proven or need a longer-term time horizon.
Ivo MulderGUEST
Yeah, which a lot
Nathan DeanPANELIST
They just finalized a couple of rules on stress tests.
Nathan DeanPANELIST
They're most likely going to finalize the Basel III endgame rule coming up in December.
Nathan DeanPANELIST
All that should return about $18 billion to the GSIBs.
Nathan DeanPANELIST
If you're looking at the crypto sector, the OCC just yesterday finalized its rule on stablecoins.
Andrew MaguireHOST
And as we drew attention to in our last episode, the last time the US sovereign bond yields traded at current levels, gold was priced at around $311.
Andrew MaguireHOST
And while gold has shown a short-term mechanical response, which is the chart volatility you're looking at on those charts, and it's a response to higher bond yields, It's really the Basel III compliant first year gold now trades as a central bank underpinned $4,000 per ounce, $2,000 higher than in 2002.
Andrew MaguireHOST
So $2,000 higher than when bond yields were at this level before.
Andrew MaguireHOST
And $4,000 is the absolute minimum floor.
7 MINS LATER
Andrew MaguireHOST
The dollar remains dominant, but gold offers the issue of free, sanctioned, resistant neutrality.
Andrew MaguireHOST
So yes, they both exist side by side, and both are necessary.
Andrew MaguireHOST
And as a reminder, it is so important to remember Basel III NSFR rules made LBMA FX gold fixes physically deliverable in January, 2023.
Andrew MaguireHOST
So, and as we talked about, there's just three to five tons actually get fixed physically deliverable against what six to 800 tons of daily cash settlements.
Kirk ElliotGUEST
Really, it's not just an ancient relic.
Kirk ElliotGUEST
It's what central banks use and are using, going back to the Basel III Accord, looking at what China did with making it a high-quality liquid asset, to put it on an equal playing field with currency and sovereign debt to actually back up the assets so that you can't create a loan unless you have an asset to back it up.
Kirk ElliotGUEST
That's the collateral.
Kirk ElliotGUEST
So they're by and large using gold.
SeanHOST
We're going to get to that in one second.
SeanHOST
By the way, gold is money, guys.
SeanHOST
Under Basel III, gold is a tier one asset.
SeanHOST
0% risk when you hold it in physical form.
Kirk ElliotGUEST
Really, it's not just an ancient relic.
Kirk ElliotGUEST
It's what central banks use and are using, going back to the Basel III Accord, looking at what China did with making it a high-quality liquid asset, to put it on an equal playing field with currency and sovereign debt to actually back up the assets so that you can't create a loan unless you have an asset to back it up.
Kirk ElliotGUEST
That's the collateral.
Kirk ElliotGUEST
So they're by and large using gold.
SeanHOST
We're going to get to that in one second.
SeanHOST
By the way, gold is money, guys.
SeanHOST
Under Basel III, gold is a tier one asset.
SeanHOST
0% risk when you hold it in physical form.
Boris JaquetGUEST
That's an asset class which has been performing remarkably well despite the overall environment.
Deepesh PatelHOST
The recent Basel rules do favour the non-investment grade assets.
Deepesh PatelHOST
Have you found this has resulted in more or less trade credit insurance? The
Vipin VashishthaGUEST
geopolitics, the capital constraints, all these things combined, distribution actually is becoming more and more important.
14 MINS LATER
Boris JaquetGUEST
But that will come away when people decide this is the way trade should be managed.
Boris JaquetGUEST
But there will still be the resistance sometimes.
Deepesh PatelHOST
I guess on the regulation side, the recent Basel rules do favor the non-investment grade assets.
Deepesh PatelHOST
Have you found this has resulted in more or less trade credit
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