Metal railing without a cap

[Jeff Workman]

Hello. Looking for some advice on the railing on my balcony. I don't see a lot of damage, but there was a missing cap on one of the posts, 1.25 inch diameter.  I also don't see that there is a drainage point, not until it gets to a crossbar several inches up. In other words, there may be some water trapped inside. I'm wondering if I shouldn't drill a small hole into the bottom of it to allow drainage, or not worry about it. 

I bought a new cap. But I could also leave it open for now until about 3 months of hot desert weather has passed, at which point at which point I expect the hot desert sun and metal rods to have dissipated all the water, then put the cap on.