[Hwjb]

First of all, talk of a two-horse Gold Cup is premature - a peak-form Exotic Dancer isn't out of things.

Obviously it's difficult not to have been impressed with Denman. They say horse's aren't machines, but surely he's as close to any horse that is. Just programme him to gallop and he won't stop. He'll have to grind Kauto Star down, though, because Kauto will be far too quick for Denman otherwise. Kauto Star has proven himself the best horse since Desert Orchid, whereas Denman still has around 8 lb to find. It's tempting to imagine that he'll only do this if the ground comes up testing at Cheltenham. The fact that the race was steadily-run last year adds substance to what the patiently ridden Kauto Star (and, more so, Exotic Dancer) achieved, but it does mean that he remains unproven over a really testing three and a quarter miles. I remain convinced that it won't prove a problem for him which, added to the fact that his jumping is ever-increasingly less of a concern, makes Kauto Star the more likely winner in my mind.