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It says it stores extra Gauntlets and Runes in your inventory but how does it work?

I'm not yet willing to level up my Tempest to Rank 6 if I don't know whether it's worth it.

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about 4 years ago - /u/ogles_proletariat - Direct link

In addition to potions, this allows you to put Runes and Gauntlets in your pocket hotslots. You can quickly switch your offhand gauntlet for a gauntlet in your hotbar, or quickly swap out your rune. (Note that sorcery/rune starts on cooldown whenever you swap.)

It's definitely challenging to learn how to take advantage of this, but it's really powerful in the hands of a skilled player.