Is this good news ?

have a look at this,

WHAT DOES BASEL 111 MEAN FOR BANKS' GOLD RESERVES ?
Currently, paper gold is not a 1st tier asset. Only fully allocated physical
bullion that has no counterparty risk attached that qualifies as a first-tier
asset. As we mentioned earlier, Basel III rules coming into effect in March
through to January 22 will eliminate any valuation haircut.

	The new rules will require a provable 1:1 ratio of fully allocated gold reserves,
1	with no counterparty risk. Under Basel III rules, every central bank will be
2	able to revalue its physical reserves higher, from a current 50% haircut into a
3	fully cash exchangeable asset.
4
5	Andrew Maguire believes that central banks will be able to pay off massive
6	swathes of debt by revaluing gold. According to the precious metals expert,
7	gold would not only act as a cash asset, but would also behove central
8	banks to revalue the dollar price of gold.

I found it through a Hot Copper poster DREDD84 on the SPQ page.