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To: Glenn D. Rudolph who wrote (78897)	9/29/1999 2:04:00 PM
From: GST	Read Replies (1) \| Respond to of 164684

Glenn -- <Who would the the average short? Brokerage firms> Hedge funds? etc.> The miners themselves are the most guilty of selling forward, but the specs are hedge funds that lever their positions -- lease gold, sell it and use the proceeds to buy leveraged positions in fixed income markets and, to a lesser extent, stocks. Short covering in gold drives up interest rates the same way the clsoing of the yen carry trade drives up rates -- short sellers are long the bond and sell to cover their gold shorts.