Euro bailed out (for now) - IBGYBG replaces prudence in markets; so why is Gold down right now?

When the debt comes due on the EU's massive near $1 Trillion package of support for certain countries; what will those in the markets deduce? Debt has that unique quality of the need to provide for repayment, a due date and interest rate upon same.

Or is it all expected to be rolled over, refunded in better weather?
Yet another example, of the triumph of corrosive consumption over prudence.

SO - WHY IS GOLD DOWN IN TRADING RIGHT NOW?
Gold traders KNOW that if the EMU countries NEED to raise cash - they will look to sell into the strongest asset - GOLD - hence today's morning trading seems to reflect that sentiment. As illustration, the same effect showed up in bona fide Triple AAA rated MBS in 2008/9 - that in times of panic, crisis - the not so obvious asset to be sold depends on what's been strongest recently.

And for the US Fed:

1. What is the source of authority to swap ~$30B of US dollars for equivalent amount of Euro.
2. Where are these dollars sitting now - that they can just be shipped / swapped for Euro?
3. And same question for the Euro - where is this currency coming from? The vault holding recent vintage, newly printed "dinEURO"?
4. And what is the connection to the Fed's charter "full employment, asset and price stability" with the implicit but unrequested approval of US Congress; the source of the Fed's statutory existence.
5. Has the Fed become a de facto 4th branch of government? The ability to enter into agreements with other sovereign entities - no need for Congress' vote, or at minimum review, advise and consent?
6. Is it any wonder we have a push for more Fed transparency, including holdings, valuation and counterparties and to generally audit the Fed.

Since the Fed's guarantee is to receive Euro at a future date; with the "support" known to the market is this then a case of blatant, heavy handed massive shock and awe inspired currency manipulation? Fed and the ECB / EMU against short sellers, some say speculative short sellers? Is this what it's come to?
Or the Fed and the ECB / EMU et al unite in show of massive vote of confidence in a system - home and abroad that by definition is losing confidence or at least in denial of same; it's baseball season - in the world financial markets - batter up; watch out for more curve balls and sinkers.

Incredible siesta continuing on the US taxpayer dime, absent authority from Taxpayers' representatives; what's become of US electorate immune response - denial, depression, what's next - the next generation SSRI? Specifically designed to target / deactivate recognition of financial "reality?"