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I heard a similar thump on my 01 RK and thought the same thing. This happened only on pretty good bumps. What it ended up being was slight movement on the removable passenger backrest. What was strange about my bike was when I check the air pressure, red fluid came out of one valve (like tranny fluid) and fluid like oil came out of the other valve. Got all of the fluid out and put 10 lbs in. I don't know if there are bad seals in the shocks, but it seems to ride fine.
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