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Place egg yolks and water in the top of a double boiler and beat well with a wire whip or fork.
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Put all but 2 tbs of the butter in a small saucepan over moderately low heat (about 225F degrees) until just melted.
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Add 1 tbs of the cold butter to the egg and water mixture and place over hot, not boiling water.
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Whip constantly until egg yolks thicken slightly.
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Remove from heat and whip in the second tbs of cold butter.
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Gradually pour the melted butter into the egg mixture, beating constantly.
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Place over hot, not boiling, water (water below should not touch bottom of pan) cook until thickened, whipping constantly.
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Thickened Hollandaise should hold the imprint when a fork or whip is drawn across the surface.
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Remove from heat and stir in lemon juice, salt, and cayenne.
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Sauce may be placed in top of double boiler over hot, not boiling, water, covered, and kept until serving time.
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Serve with vegetables, baked or broiled fish, and shell-fish.
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Note: if you use salted butter, omit the salt in the recipe.