Silver ended the overnight session up more than 4%, trading at all-time highs, while Bitcoin fell well over 2%, no direct correlation here at the moment. The demand for silver is rising, while that of gold is easing, if we look at the respective lease rates, i.e. the gold lease rate is the interest rate paid to borrow physical gold, usually for a short period.
NB The gold lease rate is a barometer of physical market tightness, not a view on gold’s long-term price direction.
- We can see gold making new highs into 2026, albeit with less enthusiasm than silver.