Well - I can't claim I've looked over an entire decade... but...

Well - I can't claim I've looked over an entire decade... but look at what happened throughout the crises... LIBOR rates went through the roof - so did lease rates (along with a narrowing of the GOFO) - LIBOR is now coming down and so are the lease rates. That's pretty conclusive.

What's not conclusive is a positive correlation with the gold price. I haven't seen any data either way to be honest. It's only to be considered bullish when lease rates drop because there is less profit in the carry trade... but I haven't studied the data to this effect. If anyone has the time to do the work - I'd be keen to know.