Maguire is wrong on Basel 3; gold's treatment as an unreliable bank asset in a serious liquidity crisis does NOT change appreciably.
Sure, gold is no longer Tier 3. That's because there IS no Tier 3 in Basel 3. Gold is now Tier 1, but it carries an 85% Stable Funding Ratio, same as stocks. Cash (in the bank's home currency) and top-ranked govt treasuries have SFRs of 0%.