Maybe the fact that gold has been reclassified as a Tier-1 asset is of little meaning to the current rally, but it should be considered. The Bank for International Settlements (central bank for central banks) put the reclassification into effect on April 1. Gold is now an alternative to Treasuries, at least for central banks and with the debt ceiling creating an artificial shortage of Treasuries, central banks and some commercial banks may now decide to buy hold gold.