Should gold be in contango or backwardation?

Many commentators have written about gold futures contracts and the term structure of gold. I always wonder why the futures price of gold "should" be higher than spot (in contango), while gold in the derivatives markets trades more like a currency than a commodity - gold can be easily lend and borrowed, and has a high stock to flow ratio. So why then should gold's futures price be related to the storage costs? Why not purely by the gold lease rate? This morning I commented on a post by JP Koning about this question. He hasn't responded yet, but you can join the debate here: http://disq.us/p/1qm9yco Drop a comment if you like!