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The first thing even approaching novelty in the 1987-8 Metropolitan Opera season was the new production of "Das Rheingold," which I caught at its third performance (in seven nights, by the way) on October 15. This is, of course, the second installment of our Schenk-und-Schneider-Siemssen "Ring," following last season's "Die Walk?re," and like the "Walk?re" it is very 19th-century, with water in the Rhine and a rainbow bridge to Valhalla, everything out of the Master's stage-book. I am still of two minds about the entire venture. I think the piece wants more interpretation than these producers are giving it; musically, too, I felt the lack of a grand arch to the two and a half hours. Someone once said of a bad patch in international currency trading that the central banks were taking their cue from the markets, which were looking for guidance to the central banks. I had that feeling here - that James Levine's conducting was trying to illustrate the stage action, which was waiting on him for emotion.

Vocally, the show had its share of stars: James Morris's Wotan, Siegfried Jerusalem's Loge, the very striking big-voiced Freia of Mari-Anne H?ggander, and the giants of John Macurdy and Aage Haugland, who were also dramatically splendid. So, of course, was the invaluable Franz Mazura as Alberich, which he (correctly) barked rather than sang, and the truly disgusting, acrobatic Mime of Horst Hiestermann. Timothy Jenkins (Froh) maintained the hope that he will grow into a significant Wagner tenor (he gets some Siegmunds this year). The other women were so-so: Gail Gilmore's Fricka and Anne Gjevang's Erda both stretched thin at the top, the Rhinemaidens poorly matched.

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