ISTANBUL GOLD EXCHANGE Spot Market, Precious Metals Lending Market, Futures and Options Market “NO ONE PUTS IT ALL TOGETHER EXCEPT US” - Istanbul, TURKEY June 16-20, 2003

WEEKLY MARKET ANALYSIS SPOT MARKET While gold sought direction amid a week of volatile trading Gold: There were 4,944 kgs. of gold trading volume on the linked to the dollar’s convulsions over the extent of an Precious Metals Market of IGE between 16th and 20th of June, expected U.S. interest rate cut next week and stuck in $ 2003. The total gold tra ding volume of IGE in 2003 has reached 355 – 365 trading range, gold trading activity on the to 97,398 kgs. Precious Metals Market of Istanbul Gold Exchange was Silver: There were 10,100 kgs. of silver trading volume on the weaker. Expectations of a lower gold price giving that the Precious Metals Market of IGE between 16th and 20th of June high speculative long position in the market deterred 2003. The total silver trading volume of IGE in 2003 has reached physical gold buying from Turkey. Gold trading volume on to 112,630 kgs. the Precious Metals Market of Istanbul Gold Exchange th th between 16 and 20 of June was 4,944 kg, 22.36 percent PRECIOUS METALS LENDING MARKET lower than last week’s trading volume. There were registrations of 226.50 kgs. of gold lent by IGE th members in Precious Metals Lending Market between 16 and While US Dollar was steady against Turkish Lira this week, th 20 of June 2003. The total gold lending registrations volume of major part of the gold trading volume was in US Dollar as IGE in 2003 has reached to 4,525.60 kgs. usual. 88.36 percent of this week’s total gold trading

volume was in US Dollar and the remaining volume was in PRECIOUS METALS IMPORT FIGURES Turkish Lira. The weighted average gold price in US Dollar th th on the Precious Metals Market of Istanbul Gold Exchange The gold import figure between 16 and 20 of June 2003 was between 16th and 20th of June increased by US$ 1.04 per recorded at 3,500 kgs. and the yearly total gold import figure has reached to 89,415 kgs. The silver import figure between 16th and ounce over last week to US$ 359.05 per ounce, the th weighted average gold price in Turkish Lira on the 20 of June 2003 was recorded at 8,000 kgs. and the yearly total Precious Metals Market of Istanbul Gold Exchange gold import figure has reached to 50,000 kgs. between 16th and 20th of June increased by 114,387 TL/gr over last week to 16,481,391 TL/gr. Gold Market Index*

This week’s silver trading volume on the Precious Metals 1500 Market of Istanbul Gold Exchange was fairly strong. Silver th th 1250 trading volume on the market between 16 and 20 of 1107 1107 1105 1105 1102 June was 10,100 kg, more than three times of the last 1000 week’s trading volume. Silver was traded both in Turkish 750 Lira and US Dollar this week. The weighted average silver Index 500 th th price in Turkish Lira between 16 and 20 of June was at 250 215,000 TL/gr, 2,500 TL/gr higher than last week’s figure 0 and the weighted average silver price in US Dollar 16 17 18 19 20 between 16th and 20th of June was at US$ 4.72 an ounce. Date

MARKET DATA Precious Previous Lowest Price Highest Price Closing Price Weighted Volume Amount of Num. of Metals Closing Price Average Price Trans. (kgs) contracts TL/gr 16,129,400 16,340,000 16,569,600 16,450,000 16,481,391 9,476,800,000,000 575 12 $/ons 352.25 356.90 363.75 360.00 359.05 50,434,878.00 4,369 41 Gold EUR/ons 299.60 Total 4,944 53 TL/gr 212,500 215,000 215,000 215,000 215,000 1,096,500,000,000 5,100 3 $/ons 4.64 4.68 4.75 4.68 4.72 759,079.00 5,000 2 Silver EUR/ons Total 10,100 5 * Gold Index : The Gold Exchange Index is to denote the Gold Market transactions traded in a given period on a consolidated basis at the end of session. Since Central Bank currency pool is used in calculating the Index it denotes the real performance of the market.

Data contained in this Bulletin may be quoted with proper reference to its source. Although utmost care is given to the accuracy of the information contained in this document, IGE assumes no responsibility for errors or omissions. None of the information contained in this document can be taken as investment advice or official views of IGE.

Istanbul Gold Exchange Web Site: http://www.iab.gov.tr E-Mail: [email protected]

Reuters Pages: TRGOLD / TRSLVR: Precious Metals Market, IGEFUT / IGEFUU: Futures Market, TRGLEND / TRGLENE: Precious Metals Lending Market