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To: H James Morris who wrote (75248)	8/24/1999 1:58:00 AM
From: GST	Read Replies (3) \| Respond to of 164684

H James -- The selling is related to their leasing efforts. They can gain on their leasing by creating demand for leasing. Leasing demand requires falling gold prices. So long as they can step in and talk the price down with their sales, they can keep the leasing market attractive. Trouble is, the market is so badly 'oversold' in derivatives that they are worried about defaults on the leases. The game will be over the day the BOE sells 25 tons and the price goes up that day or the next!! -- and we are close to that point -- could be with the next BOE sale in September. Goldman Sachs will be there to sell a bit of gold -- but they did not buy half the gold supply in New York for nothing -- I won't be back for a month and won't be able to post for much of that time -- the best to you as always.