Sam Oliver

This month, a new section of Basel III came into effect: the status of the gold that is held in the balance sheets of the banking system has received an upgrade.

Gold is now considered a first-class safe asset and will be worth 100 percent of its market value, as opposed to 50 percent so far.

In other words, gold has risen in its financial value at the expense of bonds and securities of various kinds, behind which there is no tangible asset.

Today’s analysts are debating whether the world is once again approaching the “gold standard,” a policy whereby every dollar is pegged to and backed by actual gold that sits in the basement of central banks.