The Gold Lease Rate is considered to be a good indicator of where "Real Interest Rates" are at.
Real Interest Rates provide an indication as to whether you are better holding cash or not. When they are negative it indicates that your assets should be in things other than cash
The 1, 2, 3, 6 gold lease rates are all negative. The 12 month rate is turning south and headed for negative territory. This means that the market thinks that the value of gold over the 1, 2, 3, 6 month horizon is greater than the value of fiat. Should the 12 month rate go negative, which is very rare, then the market is thinking that holding gold medium term will do better than money in the bank!
