Mechanics
Central banks and large holders lease gold to bullion banks for a fee called the lease rate. The borrower can sell, lend onward, or use the metal in production.
Precious metals intelligence
Gold Leasing Explained
Gold leasing moves physical metal from holders who want yield to users who want temporary access. The lease market sits behind much of the wholesale gold trade.
Lease rates
Lease rates are normally low. Spikes reflect physical scarcity, refining bottlenecks, or sudden borrower demand. Sustained elevated lease rates often coincide with backwardation.
Why it matters
The lease market amplifies and dampens physical tightness. A scarcity event that shows up in lease rates often precedes movement in spot premiums and dealer ask prices.
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