Some banks already count gold as a tier 1 asset and ECON allows it in Europe. I would expect all banks under water on equity when Basel 3 requirements are enacted, which is a huge number on this planet, would welcome the ability to count gold in inventory as a tier 1 asset putting gold on the same level as treasuries. This is less money they have to raise to meet Basel 3 requirements or looked at another way maybe they will buy gold to hold as a tier 1 asset given it's outstanding performance versus US dollars or treasuries and it's long histroy as holding it's value especially in times of crisis.

The opposition to Basel 3 seems to come from the big banks on Wall Street who resent the increased required equity levels, reduced leverage and increased capital requirements. This stands to reason given the that it may slow them down from creating anymore modern financial engineering instruments to sell (steal from) to unsuspecting foreign countries/banks and local pension/institution groups in the USA. Maybe they might have to resort to old fashion money lending to finance real economic growth through business development instead of promoting gambling.