Despite the stock market continuing its relentless climb based on QE 2, there is big trouble in Irish CDS which closed today at a new all time high of 483 bps. I have covered the problems facing Ireland and remain convinced that it will be the nex crisis country in Europe. If I remember correctly, the situation in Greece started to quickly unravel after its CDS went above 400 bps. Since Ireland has blown through this level, it is only a matter of time before the Emerald Isle is forced to ask the EU for a bailout. No doubt Ireland will receive financial assistance as no one is allowed to fail in the EU (until the EU itself fails). Expect more money printing by the ECB to make sure Irish bond auctions don't fail. This should be a positive for gold.