RE:BASEL III...if JULY doesn't create a PositiveFrom what I understand there was and still is a seriously problematic shortage in LGD bars for physical delivery making the Basel 111 requirements impossible for the major bullion banks. Macron (ex GS) was attempting to get the G7 to offload €100B from the IMF gold reserves to issue SDR's and 'supposedly' help Africa but in reality free up the physical for another bullion bank bailout, similar to Gordon Browns. I believe that the IMF is probably the last actual Western holder of physical.
I do believe that the BOE in support of the decades long strong $ policy as with others have exhausted all of their reserves and most likely that could well include the custodial reserves held on account. I think the last of the gold was shipped out soon after the queen did a photo op in the vaults, that certainly wasn't for the public, that was for very nervous custodial clients. Before anyone thinks that the US still has its reserves I would say firstly that there is probably a good reason why there has been no audit for fifty years and secondly I can conform that vintage FTKnox bars were definately in €urope, despite the fact that the US has never officially sold any, strange that.
Simple fact is the West thought that they could remove gold completely from the financial system and the US$ would be the only tier 1 cb asset of choice. They were very nearly there but then China stepped in and Russia behind them and said NO.
That brings us to this year and we know that the bullion banks are protected at all costs by the Western cb's, we also know that the transfer of gold from West to East is almost complete. The below is the adrenaline to get some extra time but it won't stop the death rattle. The paper game is winding down after decades, but at their convenience. If Macron can't get the IMF release then all hell will break loose imho.
https://ukfinancialservicesinsights.deloitte.com/post/102g3sy/basel-iii-delayed-to-2023-what-banks-need-to-consider-now