From GoldMoney
''There can be little doubt if history is any guide that the US Treasury and the Fed would rather not give gold a status that rivals the dollar, but they cannot boss the Basel Committee around. Ever since President Nixon took the dollar off the gold standard, the official mantra has been that gold no longer has any monetary role. To do an about-turn and accord it the same rank as dollar-cash is therefore extremely significant. Furthermore, there is an unarguable logic in favour of not penalising banks who wish to diversify their balance sheets and collateral away from fiat currencies, some of which are becoming increasingly risky in these times of systemic stress.''
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