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Supply and Demand



GOLD DEMAND IN KEY MARKETS WORLDWIDE
(in thousands of troy ounces)


(in millions of troy ounces) 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
India 8.36 14.61 13.03 13.34 15.34 16.30 23.69 26.20 26.97 27.50
Pakistan N/A N/A N/A N/A 1.39 1.73 2.63 3.16 3.92 3.83
Greater China* 12.11 16.00 13.50 13.95 13.74 12.04 13.08 10.11 11.04 10.59
Japan 7.75 6.53 7.57 7.35 8.75 4.89 3.44 3.55 3.92 3.15
South Korea 1.80 2.36 2.89 3.41 3.89 4.03 3.68 -5.22 3.81 3.87
Southeast Asia 7.38 7.48 8.06 9.80 10.44 10.60 6.56 1.66 8.54 8.59
Saudi Arabia 5.50 7.23 6.43 5.59 6.21 5.94 6.40 6.70 6.41 7.11
Gulf States N/A 3.26 2.65 2.83 3.36 3.79 4.57 4.64 4.65 5.07
Egypt N/A N/A N/A N/A 2.15 2.43 3.14 3.36 4.01 3.85
Turkey 3.60 4.12 5.14 2.60 4.48 4.92 6.49 5.53 4.47 6.66
USA 8.50 9.08 9.84 9.66 10.12 10.66 11.64 13.77 14.78 12.46
Brazil 1.13 1.32 1.67 1.61 1.74 1.90 1.86 2.06 1.83 1.93
Mexico 0.96 1.06 1.35 1.51 1.00 1.32 1.58 1.77 2.24 2.58
Italy 4.42 4.26 3.63 3.73 3.54 3.39 3.56 3.61 3.04 2.50
France 1.30 1.35 1.57 1.43 1.62 1.53 1.59 1.91 1.98 1.82
Germany 2.62 3.29 2.79 1.99 1.83 1.74 1.68 1.68 1.66 1.62
UK 1.29 1.11 1.06 1.32 1.49 1.51 1.89 2.15 2.07 2.09


*Greater China includes China, Taiwan, and Hong Kong.
SOURCE: WORLD GOLD COUNCIL, GOLD DEMAND TRENDS,FEBRUARY 1996, FEBRUARY 1998, AND FEBRUARY 2001.