[mindvirus]

I understand but given the OPs comment, I would think it's always the case. Given the choice between a dollar today and a dollar tomorrow, you should always choose a dollar today since you can choose not to spend it. So it's strictly better than a dollar tomorrow.

The only time I see that it wouldn't be true is if there was risk in carrying it - taxes, negative interest rates, or theft. I could see for example a tonne of gold tomorrow being more valuable than a tonne of gold today since you'd have to deal with storage and security and such.

[chordalkeyboard]

Everyone is right, there is a marginal bias so that the natural rate of interest is always positive but when storage costs and risk and fungibility/hedges/insurance are factored in the rate can be positive or negative. Like when the cost of oil was positive recently last year.