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Tom Evers at Accredited FX on Basel III and What it Means to Gold
The global banking fiasco has led to a tightening of the rules and banks must now hold more liquidity. This favors more gold buying and Tom Evers believes this will help us see big gains in the yellow metal over the coming months.
Enter Basel III, essentially an accord advising banks on the amount of capital they must hold to ensure both their solvency and stability.
"A combination of negative interest rates and the reality of the yellow metal becoming a real Tier 1 reserve asset will drive prices to an all time high in the year ahead" says Tom Evers, a Senior Broker at Accredited FX in San Jose, Costa Rica.
He goes on to say - "It's quite simple, central banks are accumulating gold in massive quantities due to Basel III and this will help the price rise substantially."
Silver is also likely to do very well in the coming year according to the research department at Accredited FX who are putting clients into trades in both metals
Disclosure: Both Tom Evers, Accredited FX and members of the trading team at the firm are holding gold call options
Accredited International provides Forex and commodity trading services to corporate and institutional investors throughout the world from their head office in San Jose, Costa Rica.
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