F. You become concerned about the geopolitical outlook and decide to add an allocation to gold to your investment portfolio. Rather than buying gold outright, you decide to purchase gold futures contracts that settle in December, 2017. You notice the gold leasing rate (akin to a yield) from now until December is 2.5% p.a., net of storage costs. If standard bank deposit rates for the same period are 1% p.a., would you expect the price of the December gold futures contract to be equal to, above, or below today's spot price for gold? Briey explain your answer in conceptual terms (i.e., you do not need to provide a calculation). (5 points)