We have looked deeper into the Basel III rules and all the talk of Tier 1 "asset" and have come to the conclusion that the term Tier 1 or 2 is only used when referred to a banks capital and not its assets.
So gold like any other asset under Basel III is not a Tier 1 or 2 asset but Risk-Weighted Assets or RWAs.
Finalising Basel II In brief: https://www.bis.org/bcbs/publ/d424_inbrief.pdf
Basel III: Finalising post-crisis reforms: https://www.bis.org/bcbs/publ/d424.pdf
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