Gold miners hedge their Gold production in case the gold price drops. This increases demand for borrowing gold. Gold lease rates rise.

In the year 2000, everyone was hedging gold, because the gold price kept falling. Gold lease rates peaked in 2000.

After 2000, the gold price went up and hedging decreased. When the price of gold rises, gold miners typically decrease their gold hedging, because they want to profit from the rise in gold. The decrease in hedging led to a decrease in lease rates.