makefile question

[tonykent]

Can anyone tell me why this gmake makefile works:

LIST1 := `ls`

# inside a rule: first line starts with a TAB, all the rest are spaces
all: 
	@for x in `ls`;    do         echo $$x ;      done

outputs:
check.txt
inc.mk
makefile
subdir

but when I try to replace the 'ls' command with the variable $LIST1 like this:

LIST1 := `ls`

# inside a rule: first line starts with a TAB, all the rest are spaces
all: 
	@for x in $$LIST1;    do         echo $$x ;      done

I get no output?