via Kitco - Gold Lease Rates

One way to be fairly certain that gold prices will behave contrarily to equity price declines should they occur, is the lease rates chart. Lease rates are showing positive, meaning there is limited supply for leasing in the short term.

Note that there is an express change in lease rates since the 2008 correction in gold prices, and that lease rates did not respond in the same way during the 2011 and onwards decline.

Very highly likely excess supply is coming out of hedges from Barrick as of late.

It would be no surprise if the last wave up consists of Barrick having to buy back it's hedges.

source: http://www.kitco.com/lease.chart.html

-F6