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To: Agamemnon who wrote (150125)	2/8/2002 1:54:07 PM
From: pater tenebrarum	Respond to of 436258

well, we'll have to watch lease rates carefully...if they rise suddenly and strongly, it will be a sign of someone borrowing gold to dump it on the market, intervention - style. borrowing gold for forward sales makes no sense in the current interest rate environment, so i would regard any lease rate spikes as very suspicious. so far the rally has had pretty convincing underpinnings from the supply/demand side: investment demand for bullion is quite strong, led by Japan, and supply is going to decline markedly due to the lack of new hedging and production volume declines at the major producers.