Trying to develop a basic tool to illustrate optimal strategy for leasing or owning precious metals (i.e. doesn't matter which, rhodium, platinum) and thinking of setting up as an N-year project, modeling PMs price is GBM, lease rate is a variable, with reset once per year. It's an over-simplification since lease rates will be a function of funding costs, credit plus curve shape, but just trying to illustrate a point. Any thoughts on best approach? Again, not making a decision, only trying to illustrate that leasing is preferred option in most states of the world since it avoids the large cash outflow at T=0 which is offset by an uncertain salvage value at T =N, when metals are not consumed.