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To: Zeev Hed who wrote (78551)	3/11/2001 6:30:29 PM
From: yard_man	Respond to of 436258

I misspoke -- I don't know what the short interest is in the metal. I meant to say that the annual trading volume in the contracts is at least an order or two greater than the annual production -- I'll hunt for the link for that if you are still interested. (As such -- the contracts can be more of a driver and there appears to be a short "bias" to these forward contracts.) I don't think it is probably possible to get good figures on short interest and is all leased gold short? I don't know, but why else would one lease it except to lock in a higher price than one is expecting to see later on?