If Treasuries pay 5%, why is anyone still buying gold?

Last week, the 10-year U.S. Treasury yield touched 5.3%, its highest level since 2002.

This is supposed to be gold's worst environment. Gold pays no interest, so every point of yield raises the cost of holding it. And the textbook has been working: gold has fallen for six straight weeks, down roughly 20% from its January record.

If lending to the government pays the most in a generation, why is anyone still buying gold?

Someone clearly is. On the day the 10-year broke above 5.3%, gold finished higher, attracting safe-haven flows from the global bond selloff itself.

Those buyers aren't confused. They've looked at why the yield is 5.3%.

Persistent inflation. Massive government borrowing. A debt load that crossed $40 trillion in August. Thirty-year mortgages back above 7%.

That yield isn't a reward. It's what lenders now charge a $40 trillion borrower.

So that settles half the question. The other half, that gold pays nothing.

Monetary Metals clients can lease their metal to qualified businesses and earn up to 4% yield on gold, paid in gold.

Not dollars. Ounces.

For decades, the choice was either/or. Earn in dollars or hold gold and earn nothing. At 5.3%, that pitch has never sounded more persuasive.

It's also never been less true.

A bond pays dollars, the unit the borrower keeps issuing.

A gold lease pays ounces, and no one can issue more of those.

A bond buyer at 5.3% still needs to know what yields do next.

A gold owner earning ounces doesn't.

It was never gold or yield. You no longer have to choose.

Put your gold to work.

See if gold leasing is right for you.