Citigroup (NYSE:C), Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC) Drop on Irish Bank Ratings

Irish bank ratings from Standard & Poor’s Ratings Services pushed down the share prices of Citigroup (NYSE:C), Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) on Friday, as they lowered their long-term counterparty credit ratings and ratings on the senior and subordinated debt of the Irish banks.

Citigroup ended the trading session at $4.11, dropping $0.058, or 1.39 percent. Bank of America closed at $11.12, losing $0.16, or 1.42 percent. Wells Fargo was down to $26.65 falling $0.46, or 1.71 percent.

JPMorgan (NYSE:JPM) and Goldman Sachs (NYSE:GS) also took hits, with JPMorgan closing at $37.50, losing $0.66, or 1.73 percent. Goldman Sachs fell to $158.22, dropping $2.04, or 1.27 percent.

Barrick (NYSE:ABX), Yamana (NYSE:AUY), Agnico (NYSE:AEM), Kinross (NYSE:KGC) Trading Up Today

Gold miners were mixed today, as gold prices today, while remaining somewhat level, weren't inspiring on the day, and most gold mining stocks were flirting just above or beneath gains or losses. Barrick (NYSE:ABX), Yamana (NYSE:AUY), Agnico (NYSE:AEM) and Kinross (NYSE:KGC) were all trading in positive territory, but some were just barely hanging on.

The usual concerns over China, EU sovereign debt, quantitative easing and geopolitical events remain part of the equation, but it seems they are on the back burner before the Thanksgiving weekend in America and the official launch of the Christmas shopping season.

Kinross was trading at $18.09, gaining $0.09, or 0.50 percent at 1:39 PM EST. Agnico was at $79.18, rising by $0.76, or 0.97 percent. Yamana was slightly up, coming in at $11.39, increasing $0.04, or 0.35 percent. Barrick was up to $50.87, increasing by $0.05, or 0.10 percent.

Gold Prices Today Up on Korean Military Tensions

Military tension between North and South Korea have pushed up the price of gold today, as gold futures on the Comex division of the New York Mercantile Exchange increased by $16.40, or 1.2%, to $1,374.40 an ounce.

It underscores the skittishness of investors in volatile times, as the bailout of Ireland revealed and the news Greece may still be hiding the depth of its deficit problem.

The European Union sovereign debt crisis is worsened by the fact there is little to trust in assertions made by many political leaders who are under enormous pressure domestically, having made promises they aren't able to meet, as socialism always results in.

They've also created a culture of entitlement, which those receiving the entitlements rise up in anger over when they're cut back because there has never been the money to pay for them.

For gold, these and many other factors like the quantitative easing put into play again by the Federal Reserve will support gold for some time to come.

The fall in value of the euro against the U.S. dollar is all that has been keeping gold from skyrocketing even further.

Spot gold was trading at $1,377.90 an ounce, up by $11.50.

Barrick (NYSE:ABX), Goldcorp (NYSE:GG), Newmont (NYSE:NEM) Positive in Afternoon Trading

Barrick Gold (NYSE:ABX), Goldcorp (NYSE:GG) and Newmont Mining (NYSE:NEM) have all moved into positive territory as the trading session went on today, with spot gold prices moving up to $1,259.90, or $5.80 an ounce.

Gold prices had been down in the earlier part of the day, as mixed economic news kept things mostly level.

It seems the announcement Ireland would in fact be bailed out would ultimately move the price of gold up, as the euro strengthened and U.S. dollar fell in value.

Gold may be ready to surge again after the market has digested the news China is going to battle inflation and the Federal Reserve implement another round of quantitative easing.

Although opposing factors in gold prices, it seems the inflationary move by the Fed is weighing more on gold than any other element now, and that will drive prices, along with the growing realization Europe is far worse off than believed, and as Greece has revealed, may still be hiding the levels of deficits existing in the regions.

Barrick was trading at $50.08, rising by $0.31, or 0.62 percent at 2:10 PM EST. Newmont was at $60.74, gaining $0.40, or 0.66 percent. Goldcorp was moving to $46.02, increasing by $0.28, or 0.59 percent.

Moody's (NYSE:MCO): Ireland May Go "Credit Negative"

After the expected announcement Ireland would have to be bailed out, despite the anemic denials, Moody's (NYSE:MCO) said the increase in the amount of debt held by the country may result in a “credit negative” for them.

Even so, it is expected for the country to undergo a multi-notch downgrade, but still have their rating remain within the investment-grade category, although it's not a 100 percent certainty.

The two major uses of the capital by Ireland will be to use about $130 billion of it in order to keep them from selling bonds, and the second would be to supply lenders with capital via a "contingent" capital fund.

This will probably result in the fall of the Irish ruling coalition in Ireland, with the likelihood of elections held in January as as consequence.

Concerns this may generate in a domino effect in Europe is obvious, and uncertainty over the already bailed out Greece has re-emerged, as it appears they may still be dishonest about the size of the deficit the have.

Gold Prices Today Slightly Down, Await China, Ireland

While it seems China's decision has finally been unveiled on what they're going to do to combat inflation, Irelands is still waiting in relationship to their sovereign debt crisis, and gold prices today are under slight downward pressure until that plays itself out.

China has taken the initiative to increase the amount of reserves banks mus hold by another 50 basis points, something that is less monetary medicine than raising interest rates, as it relates to interaction with gold price movements.

Another increase in interest rates may have put more pressure on gold prices as far as slowing their torrid upward pace.

Also needing to play out is what will be the results of the meeting Friday of the Commodity Futures Trading Commission, as they work things out in connection to new regulations in the Dodd-Frank Act.

Specifically addressed will be position limits for physical commodity futures contracts and swaps.

Consequently, it appears gold futures will be more volatile than spot gold prices until these things work through the system.

Once they have, support prices for gold will be more clear, although the are in a holding pattern for now, remaining relatively level.

Citigroup (NYSE:C) Sees Greek, Irish, Portuguese Bonds Continuing to Fall

As risks increase for the sovereign debt of Greece, Ireland and Portugal, Citigroup (NYSE:C) says they see bonds in the countries continuing to fall, as the crisis grows.

Citigroup said, “Ireland, Portugal and Greece have underperformed significantly, but we do not think by anywhere near far enough yet. There’s a long way further to go if the situation deteriorates.”

The yield on Irish bonds rose for the third day in a row, with the yield on 10-year bonds increasing by three basis points to 8.28 percent. Bonds from Portugal fell four basis points to 6.88 percent and in Greece they fell one basis point to 11.71 percent.

The other problem is no one knows how much corruption is still involved in the sovereign debt crisis, as Greece recently stated their deficits were larger than they believed, creating uncertainty as to competency or honesty in the matter, both of which are detrimental.

There seems to be a nod and a wink toward these and other countries as well, as the European Union apparently is ready to do anything in order to survive, even if it backfires and punishes the euro like it has been, which could do more to unravel the EU than anything else.

Jim Rogers Says Let Ireland Go Bankrupt, Would Learn Lesson

Once again billionaire commodity expert and investor Jim Rogers has it right, as he calls for Ireland to be allowed to go bankrupt in order to learn a lesson concerning their irresponsible borrowing, and for Europe to show they're serious about the euro remaining a legitimate and strong currency.

The European Union will have none of that, and is going to borrow over $100 billion to shore up the Irish banking system, and some are calling that not enough.

Rogers said it's time for banks and countries around the world to learn to not spend more than they can pay back. While an obvious and responsible suggestion, there are very few that take heed to the simple advice of Rogers.

You wonder why so many individuals are in difficult times, as they simply follow the lead of financial institutions and countries and continue to borrow far beyond their means.

Rogers has been consistent with his call on the European Union, having called for Greece to be allowed to go bankrupt, which now has somehow discovered, after being bailed out, that they understated the size of their deficit.

This will continue on until someone has the integrity and strength to say enough is enough.

You continue to hear politicians say they must bail out these countries to preserve the EU, not even understanding that be bailing out the countries and making the euro weak and a joke, they're destroying it themselves.

Gold Prices Bursting or Correcting?

The usual speculation when any asset class makes a wide swing is part of gold now, as gold prices are in the midst of a huge downward move, and has generated questions on whether or not gold is correcting or it's in the middle of a bubble bursting.

Anyone familiar with gold for a long period of time knows this is nothing more than a correction, as the elements surrounding a bubble haven't yet emerged, and gold prices have a long way to go before they run their course, although it is a good lesson in what factors will eventually bring gold prices back to earth.

One of the major things ultimately stopping the rise of gold prices will be measures put in place to combat inflation: increasing interest rates.

That alone won't completely stop it if other major factors are driving gold prices up, but it would definitely slow it down, and if implemented in most, if not all, major economies, could have a dramatic effect.

That isn't going to happen any time soon though, as the U.S. isn't even close to thinking of raising interest rates in the current economic climate.

Even if China is to increase interest rates like South Korea did on Monday, that won't be enough to pull down gold in the long term, even though it would push gold prices down immediately and give the appearance of a bubble bursting.

Another thing driving gold prices down down, in conjunction with interest rate concerns, is the temporary strengthening of the U.S. dollar. That's all related to the weakened euro because of the renewed focus on the European sovereign debt crisis, which continues to stubbornly hang on.

After the EU bluffs its way through that or throws a bailout bone to Ireland, that will be considered taken care of, even though as Greece had shown yesterday, as it appears there is still corruption in the process, as Greece said they had underestimated the size of their deficit.

Greece isn't exactly so big that working out how big of a deficit they have should be that difficult. They're obviously understating things in hopes of stealing more money from the region to support their socialist practices via unsustainable entitlement programs.

In the end, there hasn't been much that has changed to justify the typical ignorant conclusions, and wishful thinking by some, that gold has ended its historical run. It isn't even close to being the case.

The U.S. dollar will continue its collapse in light of the inflationary policies of the Federal Reserve, the euro isn't considered that important any longer by the international community, physical demand for gold continues to rise, and of course, it's still the best place for safety in the turbulent economic times we live in, which are far from turning around at all.

What may happen in the near term with gold is it'll be much more volatile than usual until the decisions - by Asian countries in particular - as to raising their interest rates to combat inflation come about.

That appears to be priced already into the fall in gold prices, although I think the China factor will be the most devastating impact in the near term.

Once that's over with, gold will resume its assent with little in the way to stop it.

Gold Correction Drives Yamana Gold (NYSE:AUY), Eldorado Gold (NYSE:EGO), Novagold (AMEX:NG) Down

In what can now safely be identified as a gold correction, the price of gold and gold mining shares has been plunging, and is affecting major gold miners and others like Yamana Gold, Inc. (NYSE:AUY), Eldorado Gold Corp Ltd (NYSE:EGO) Novagold Resources Inc (AMEX:NG).

Today the news driving the gold miners' prices down is primarily the decision by South Korea to raise its interest rates by 25 basis points to 2.50. Also weighing on the market is what other countries in the region may follow suit, especially China.

The other factor is the weakness of the euro from the ongoing sovereign debt debacle in the European Union, which is now highlighted by the probability Ireland will eventually have to be bailed out, and the news from Greece that somehow they understated their deficit. That hints and dishonesty and uncertainty more than anything, which underscores the inability for investors and analysts to know the real condition of the EU, which is in reality fighting to maintain its existence.

This has artificially propped up the U.S. dollar, which has added to the drop in gold prices today.

NovaGold was trading at $13.65, falling $0.53, or 3.74 percent at 2:55 PM EST. Eldorado was at $16.56, losing $0.50, or 2.93 percent. Yamana was down to $11.22, decreasing by $0.24, or 2.09 percent.

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.

Ireland, Greece, Europe, and the Death of Socialism

It's amusing to look at the outrage from European countries over the stimulus measures of the Federal Reserve which will cause more economic problems domestically and around the world, as Europe has been pushing for socialism to be embraced by America all the while their own socialist experiment has been crumbling all around them.

No one has described the inherent weakness of socialism better than former British Prime Minister Margaret Thatcher, who said the problem with it is you eventually run out of other people's money, and that's what is happening in Europe, as the debacle surrounding Greece and Ireland have shown, and they're far from being the only countries having the problems, although the majority of media have been far less than aggressive in exposing the real risks.

The response of those who have been parasites off of the productive in Europe is predictable, as they've been rioting over not being able to continue to siphon off money, as there is no more to give to them; at least in any sustainable manner. As Thatcher said, the money of other people has indeed run out, and now it's time to end what many have always seen as an experiment doomed to fail.

Now that the U.S. has partially embraced socialism itself, it is now facing similar challenges, and politicians so far are refusing to take austerity measures to combat it. The Federal Reserve is just going to print another $600 billion in order to mask the ongoing problem, and kick the can to the future.

The recent bailout of Greece and other countries in the EU confirms they don't work. Originally it was asserted that the bailout would last for several years, when it fact all it did was offer relief for several months.

Europe is probably a worst disaster than America at this time, and the sovereign debt crisis continues even as the announcement it was over is barely out of the mouths of its political and economic leaders.

Until they admit socialism is a dead theory, everything they do will only be a band-aide on the problem. Not only is socialism a dead theory in, well, theory, it's dead empirically, as we've seen it's total failure and the consequences of implementing it before our eyes.

Governments will be forced to slash their foolish programs and start to manage their promises, as they aren't able to be met, and never were able to be met.

America will have to do the same very quickly or end up in the same place Europe is heading, and is more than likely, already in.

These circumstances will be very beneficial to gold investors, and we're far from any real recovery. Most things central banks are doing are only making the situation worse. We need to keep looking for market corrections as buying opportunities at this time, as we're in for a long and wild ride with no light at the end of the tunnel.

Gold Futures Prices, Spot Gold Soar as Investors Seek Safety

Gold futures and spot gold broke records again, this time with gold for December delivery settling at $1,403.20 an ounce at the Comex division of the New York Mercantile Exchange.

Spot gold rose to as high as $1,407.20, and was trading at $1,410.20 after hours.

Investors fled to safety on the heels of the out-of-control Federal Reserve and Ben Bernanke, which have announced another round of quantitative easing to the tune of $600 billion, disrupting a number of markets, including Forex.

Gold ignored the temporary strengthening of the US dollar, as it has at certain times throughout the gold bull market because of forces overcoming the usual inverse relationship the two have.

One major factor, again, has been the incredibly weak and threatened economic condition of Europe, which financial outlets continue to ignore, as far as the threat goes.

Every time the threat emerges, the media seems to surround the wagons and make it look like it's just another glitch the EU is experiencing, when in fact nothing has improved, and the sovereign debt risk in Europe remains extraordinary, whether media wants to admit it or not.

Other than a few ignorant cheerleaders, the latest move by Bernanke is considered an economic disaster, and places the global economy, not just the American economy, at extreme risk.

Gold will continue to benefit greatly from these and other suppport mechanisms, and no matter what type of temporary correction comes along the way, will continue to move up in price for some time to come.

Goldman (NYSE:GS) Economic Report Support Gold Price Moving Up

Almost everything reported concerning the U.S. economy today confirms the ongoing recession, and Goldman Sachs (NYSE:GS) believe there's no doubt the Federal Reserve will inflate via quantitative easing, adding more support to gold, although that's probably priced into the price of gold at this time.

How much it's priced in will be determined by what the Federal Reserve does and to what extent.

There's no doubt the U.S. dollar will continue to weaken, which will benefit gold, and lower interest rates will remain in place.

News today that the sovereign debt of Greece had been understated and will have to be upwardly revised for the last several years is good for gold, as well as the downgrade of Ireland debt by Fitch Ratings and is being watched closely by Moody's (NYSE:MC), mostly on concerns over the cost related to the banking sector in the countries.

Private employers in America also reported they cut 39,000 jobs in September, where analysts were looking for an increase of 24,000 for the month.

Currencies in other countries continue to weaken against gold as well, confirming there is no bubble in gold, and nothing is out there which would suggest that should or will change any time soon.

Gold Prices Shine for Eighth Straight Quarter

For the eighth quarter in a row gold prices have ended in positive territory, as everything which supports gold remains in place.

Adding to the recent push is the realization we're still in a recession, and a long way from emerging from it. That means the inevitable interference of the government via quantitative easing, where they waste money by attempting to throw it at the problem again, even after close to $2 trillion has already been pumped into it.

That means the continuing debasing of the U.S. dollar and the resultant increase in gold prices.

Gold for the month of September rose over five percent as it broke records in eleven of the last thirteen trading days.

Another major factor in gold price support is interest rates, and along with the Federal Reserve, the Bank of Japan and Bank of England have signaled they're unlikely to make any major moves to increase them any time soon.

The sovereign debt crisis in Europe, which has been trying to be hidden by the media, or taken at face value from the mouths of politicians that things aren't as bad as they seem, is in reality again being seen as a disaster, as this time Ireland battles to manage its huge debt load.

These and other important elements continue to provide healthy soil for gold to grow in.

Other than raising interest rates, there's nothing that can be done to change these circumstances in the short term, and that guarantees gold prices are far from ending their bull run.

Poor GDP Report Pushes Gold Prices Up 1 Percent

While gold has been hobbling along throughout July, the lower than expected numbers of the GDP report caused it to surge in the last trading day of the month by 1.1 percent, reaching $1,183.90 an ounce on the COMEX division of the NYMEX for December delivery.

Even so, it still finished July down 5 percent, falling $62.68. Spot gold price increased to $1,180.97, rising $12.20. This was the worst month for gold since December.

Gold surged on the day because gold investors rushed to cover their short positions in response to the GDP numbers.

Nothing has changed in the fundamental reasons of why gold has continued to rise over the last decade, and that will continue on.

Even the government attacks on the alleged fear-mongering of those pushing gold coins over gold bullion won't deter the rise of gold. The government attack is to shut up the voices of those who rightfully point out the risks related to the governmental policies around the globe which have brought to the economic catastrophe we're now experiencing.

Using Glen Beck as a focal point and the gold company he works with to sell gold coins and bullion, the government is using a few complaints (assuming they're even legitimate) to make it look like the reason gold is going up is because of unwarranted use of fear to sell gold coins rather than gold bullion.

The idea is to make a connection between gold and fear in a way that makes it seem like a bunch of hype. Don't think this isn't being orchestrated, even if a few innocent dupes are being used by the government to attack people investing in gold, which is a daily reminder of the failed and irresponsible policies of the government and Federal Reserve.

Giving the advice to acquire gold coins rather than gold bullion has been one that has been offered by many advisers for years, and it will continue to be because it's much more portable and easier to hide than bullion. Of course how many people can even afford to buy gold bullion in the first place, making this even more suspect.

Anyway, back to the fundamentals. Gold will continue to rise because of the practices attempted to be hidden by the government and Federal Reserve of continuing to print money and "stimulate" the economy, the ongoing sovereign debt crisis in Europe, and increasing and dangerous government deficits which are becoming more risky by the day.

Investors have been caused to dangerously relax because of the so-called banks stress tests in Europe which made it appear as if the majority passed with flying colors, while experts said they were in reality a joke. Even Citigroup (NYSE:C) noted, of the banks tested, 24 should have failed rather than only the seven asserted to have failed.

Even the downgrade of Ireland's debt recently was shrugged off as irrelevant by investors, who seemingly have swallowed the kool-aid.

The economic condition of the United States is dismal, China is being forced to slow, and Europe is in shambles, yet nobody seems to have remembered these things.

Maybe the BP (NYSE:BP) fiasco temporarily got their attention off of the ball. But that is close to being over as far as permanently plugging the oil well goes, and people are getting interested in other things again.

The fact that gold moved nicely today on just missing the GDP numbers by a small amount, shows investors are looking for a reason to push prices up again, and I don't think it'll take that long before it happens.

Barrick (NYSE:ABX), Goldcorp (NYSE:GG), Newmont (NYSE:NEM) Crushed as Gold Demand Wanes

Gold companies continue to slide on the weakening demand for gold, and Barrick Gold (NYSE:ABX), Goldcorp (NYSE:GG) and Newmont Mining (NYSE:NEM) were all down in New York today as gold prices continue to drop.

Spot gold was at $1,184.10 at 4:00 PM EDT, rebounding some after plunging earlier in the day, down about $8.90 at that time.

Other than the usual downturn in gold during the summer months, some of the reasons for the gold miners to fall, along with gold prices, is that inflation seems to be very low, and investors aren't taking into account the sovereign debt crisis in Europe, even though it's as bad as ever, contrary to mainstream media accounts.

Today Moody's (NYSE:MCO) downgraded Ireland government bonds, a sober reminder of the crisis still going on in Europe, and which is far from being under control.