Barrick (NYSE:ABX), Newmont (NYSE:NEM), Goldcorp (NYSE:GG) Pressured Down on Falling Gold Prices

At Everything Gold we like to report on key gold miners whenever there is a major price move in gold prices, and today that's no exception, as gold is getting hammered again, and major gold miners like Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM) and Goldcorp Inc. (NYSE:GG) are all fallng in response.

What is moving gold prices down today are South Korea raising interest rates, Ireland's sovereign debt crisis, and the resultant fall in the euro against the U.S. dollar.

There is also the emergence of the story that other countries like Greece may still be fudging on their deficit numbers, as today they also announced the deficit may be larger than they thought.

That is an old story of dishonesty and/or incompetence. They still refuse to end their socialist and entitlement ways, not willing to admit socialism isn't a sustainable economic system. The EU better learn it quickly and take appropriate action, as bailout after bailout won't work if the existing systems are kept in place, even with the alleged "austerity" measures being put in place.

What austerity measures count if a country like Greece can simply say they miscalculated their deficit? They simply ask for more handouts as a response.

The sovereign debt crisis is worse than being revealed and reported, and every time a bailout is announced, the financial press forgets about it as if the problem is taken care of, while the simmering failure of socialism refuses to be acknowledged.

Consequently the U.S. dollar is being propped up at this time because of this, adding the downward pressure on gold prices. It's not that the U.S. dollar is improving, it's just that the euro is much worse than it is. That will be the case until Ireland receives their bailout, giving the impression economic health and the euro is restored. This will ultimately get worse before it gets better, as it's questionable as to whether or not the announced austerity programs are in fact being followed.

The other element of interest rates will also be an ongoing factor in the rise and fall of gold prices, as every time a country announces they're raising their interest rates, gold prices will surely take a hit, although China announcing it will be much more significant than a smaller Asian country announcing it.

If China raises interest rates, then the price of gold should have the overall impact included in the price, and that will give a better view of where gold will go from there.

It looks like gold miners will also move up and down with gold, which will give investors some headaches, but better price points to get back in. While traders, assuming they're on the right side of the play, could enjoy some major profits on the inevitable huge price swings that could be a way of life for gold in the near term.