Commodity Online
NEW YORK: Finally, the baby is delivered in London on Thursday at the G20 summit. It will cost $1.1 trillion. And, like in ‘The Omen’, the signs of the G20 mother of all bailout packages are seen across the globe.

First it was visible on equity markets across the globe. Market everywhere climbed either due to expectations from the G20 meet or just after hearing the news that the world’s top 200 have decided to pump in trillion dollars into the economy.

As expected Wall Street soared on this new package. Then followed commodities.

But, the G20 package will see the IMF selling over 400 tonne gold in the market. This news has hit the gold mining and other related stocks on Thursday. As a result, gold composite index traded down 5.24%, while gold stocks took a beating.

Shares of Barrick Gold Corp. (NYSE: ABX) fell $1.58, or 4.66%, at $32.31. Goldcorp, Inc. (NYSE: GG) dropped $2.89, or 5.44%, at $32.85. Newmont Mining Corp. (NYSE: NEM) slipped $1.23, or 2.59%, at $46.17 and Anglogold Asanti Ltd. (NYSE: AU) fell $3.47, or 9.06%, at $34.86.

Anglogold took a beating after having said it saw first quarter production being 2.5% below prior guidance levels.

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