Gold Lease Rates in Positive Trend

It's safe to say that the worst is over in the gold market as lease rates have just made a new high since the dip in the beginning of December. The COT reports also show that the large commercial silver shorts have now been covered for a small part to the extent of the number reported on November 2012. Open interest declined with it.

Chart 1: Gold Lease Rates

I'm not sure what the status is on the silver lease rates, but that trend line should follow the gold market soon.