https://www.ft.com/content/1045992c-951c-11e6-a80e-bcd69f323a8b (https://www.ft.com/content/1045992c-951c-11e6-a80e-bcd69f323a8b)
Jag greppar den inte fullt ut.
Bra eller dåligt för guldpriset?
Who is the regulators?
Berör detta alla världens länder?
Kan någon summera vad detta betyder?
Den verkar vara gömd bakom en betalvägg?
hm...skumt...läste den nyss. Vänta.
Consumers will be hit by bank rules on gold, say refiners
Regulators are forcing lenders to cover their holdings of the precious metal
Movement in the gold price can long be rationalised © Bloomberg
Twitter
Facebook
LinkedIn
Whatsapp
Save 3
5 HOURS AGO by: Henry Sanderson
Gold refiners are warning that regulators' plans that forces banks to utilise longer term funding against their holdings of the precious metal will ultimately make it more costly for consumers buying jewellery.
Sample the FT's top stories for a week
You select the topic, we deliver the news.
Select topic
Enter email address
Enter email address
Invalid email
Sign up By signing up you confirm that you have read and agree to the terms and conditions, cookie policy and privacy policy.
Banks lend gold to refiners, which typically use it to pay suppliers and customers, but under new rules proposed by the Basel Committee on Banking Supervision, the costs to banks could triple, according to the London Bullion Market Association.
"It will mean the banks will pass this cost on," said Grant Angwin, president of Asahi Refining, a Salt Lake City-based refiner with operations in five countries.
"Banks are not making enough money now in the commodities space to absorb these costs. They will pass that on to the refiners, who will pass it on to jewellery manufacturers or collectors, who will pass it on to Joe Public. So Joe Public will pay."
Under the rules, banks will need a higher ratio of longer term and more costly funding against gold on their balance sheets since regulators do not consider the metal a high-quality liquid asset.
The LBMA, however, argued that gold is as liquid an asset as sovereign bonds and should be exempt from the rules.
"There will be less players and less options," said Ruth Crowell, head of the LBMA, at the body's annual conference in Singapore this week. "[But] the refiners can't afford to say 'we're out of precious metals' — they still need financing."
To make on-time cash payments, refiners typically borrow gold to pay. They can then pay back the loan to the bank in a gold bar they produce. They also borrow gold from banks if their plants break down, or they need to stop them for regular maintenance.
Gold loans in turn reduce the price risk for the borrower as the metal is returned to pay back the loan rather than cash. Banks then depend on lending of gold from central banks to fund these loans.
The LBMA and World Gold Council have both lobbied the European Commission, which is in charge of implementing the Basel III rules, to ease the amount of long-term funding banks will have to use.
The gold loan is an "integral part of the supply chain in the bullion industry", the bodies said in a letter to the commission in June. "It was the most efficient way of funding the industry since gold is the refiners' 'currency'."
Officials at the LBMA said it was unlikely that the rules — due to come into effect in 2018 — would be repealed.
The best that could be hoped for, they said, was a reduction in the percentage proportion of longer-term funding under the Net Stable Funding Ratio required to be held against physical commodities such as gold, which is planned to be set at 85 per cent.
"Everyone is concerned," said Jason Rubin, president and chief executive of Florida-based Republic Metals Corporation, a precious metals refiner. "The banks are the banks — there's nowhere else to go.
Min tolkning är att Det lär bli som silvermarknaden i sverige.
Större spread mellan köp o sälj, spot o marknadenspris.
Du kan sälja dittguld till spot men får köpa det till spot plus denna extra avgift.
Det lär döda den fysiska guldmarknaden som investeringsalternativ, men pappersguldmarknaden lär vara oberörd men minimal skillnad mellan köp o sälj.
Äcklig nyhet. De "beskattar" guldet och gör det i vinssyfte mindre attraktivt att omsätta.
Bara pappersguld kan ge det alternativet.
Nja, jag tolkar det här som att bankerna lånar ut guld till guldproducenterna och att de lånen i framtiden kommer anses mer osäkra/illikvida och därför kräva att bankerna tar upp mer långsiktig finansiering för deras guldinköp.
Det kommer göra bankens finansiering av sina guldköp dyrare och därmed kommer de ta mer betalt av producenterna (vilket i någon liten mån kommer göra guldproduktionen dyrare, och därmed kanske driva priserna högre)
För slutkunderna borde det inte spela någon större roll..