Replies to post #56315 on Sunergy, Inc. (fka SNEY)

[coloradoKid]

Chuck, Can't see what caused the sell off at 10am. Anyone with global political insight on this? I know Iran was recently shut-off from using a Dubai bank for cash transactions in payment for their oil, but, that should have elevated gold. The US economy is still showing signs of struggle. No news there. So, what is/was it spooking the buyers?

[risk on]

Ha! No I would assume its tied to Europe specifically Greece, it must be "solved" again...... Like the weather in Missouri, give it a minute.

Go Gold, Go Sney!

[mikeymgd]

Gold falls on upbeat U.S. economic data, Bernanke

That is the reason for the fall.

Gold is a hedge against economic downturn plus it moves opposite the dollar.

With the dollar rising today and positive outlook from Bernanke the gold market is Bearish.

I had expected the dollar to firm and gold to fall quit some time ago but it went to bull rally instead. The US is in the clear economy wise and has been for a while. We just need to raise some taxes and stop creating liquidity in the financial markets. Once that occurs gold will drop very heavily. I originally stated last year I expect gold to be at 1200 by spring but I appear to be way off. I still expect a large correction but it could be quit some time still.

[Fangster]

CC: The U.S. economy is no where close to "in the clear" as stated by one of your responders. This is one of the most incorrect statements I've ever seen from this poster.

Slice is up however you like but the real unemployment rate is well into the teens % wise and housing is still on cruches. Yes, there are healthy segments and people in this economy. However, on balance, most are living month-to-month with no or nominal savings. Until the unemployment rate and housing are get back somewhere close to pre-correction levels, this econmomy is no where close to "in the clear". Add this to all the other geo-political crap going on and you will not see GOLD near $1,200 p/oz. This is not to say there won't be price corrections-there will. Nonetheless, the trend is up - EOS.