With so much chaos taking place around the world, today a man who has been focused on uncovering sensitive government and market information for over 20 years gave what is perhaps the most informative interview about the implementation of Basel 3 and how it will impact on the gold market. What he had to say will enlighten King World News readers around the globe.

June 26 (King World News) – Eric King:  “We are heading into Basel 3 implementation right now. Your thoughts in the implementation of Basel 3 and the impact it will have on the gold market going forward.”

Chris Powell:  “I’m pretty optimistic about it, Eric. Probably the strongest reason is the protest that was sent to the Bank of England’s by the LBMA and the World Gold Council. Their protest asserted that if Basel 3’s regulations about unallocated gold are implemented in the United Kingdom it will probably put the LBMA out of business. Of course I could only cheer that. But they were protesting it and I figured the LBMA has never protested anything from a central bank before and that if the LBMA is really worried about Basel 3 then there is probably something to it.

But I’m not expecting the gold market to be liberated on Monday when the Basel 3 regulations are taking effect at the direction of the European banking authority. You have to remember that the LBMA is headquartered in London and the UK is not subject to the jurisdiction of the European banking authorities. And most of the unallocated gold racket is run out of London, and Basel 3 is not yet being applied there.

Alasdair Macleod believes Basel 3 rules on unallocated gold will be applied in the UK at the end of the year. I wrote to the Bank of England about that a few weeks ago and they cordially replied that I should stay tuned, but as far as I know there is no formal decision yet from the Bank of England yet about applying Basel 3 in the UK.

But insofar as the LBMA is so terribly frightened of the Basel 3 regulations, I have to believe, as the LBMA complained, it could make unallocated gold prohibitively expensive for the bullion banks and that might put the unallocated business out of business…to continue listening to the most informative interview about Basel 3 and how it will impact the gold market going forward CLICK HERE OR ON THE IMAGE BELOW.

© 2021 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the articles is permitted and encouraged.