These circumstances, Maguire believes, are building toward a potential revaluation of gold in March, when the "Basel III" financial regulations of the Bank for International Settlements will take effect, elevating physical gold in hand to a "Tier 1" asset on bank balance sheets, as asset equivalent to cash, and thereby devaluing gold derivatives. This, Maguire says, is giving banks a strong incentive to get physical gold in hand in advance.
Many governments and central banks with substantial gold reserves, Maguire says, actually want a higher gold price, since a higher gold price will help them offset or repay their exploding sovereign debts.
https://gata.org/node/20751