gold rising in all currencies ... willie, page-32

Not sure. I'd say it has to do with gold available from the lessors, which is not the same as gold available in the market.

The big spike in lease rates in December may reflect the gold leased EARLIER causing a shortage available from the lessors. The big leg up in gold price during late December corresponded with the lease rates dropping from that peak. Lease rates were highest during the consolidation in late November.