WATCH $1,110 On Gold

   Those that follow Itz Stock Chartz on Twitter would have seen this 2 hour gold chart..
$GLD $XAUUSD dropped on Euro fear hit 38.2% retracement on 2hour chart http://tinypic.com/r/4gq79h/6   11:03 AM Mar 8th via web

Here is a current 2 hour chart...gold currently trading around $117

Gold ($XAU) tested the 61.8% retracement level as well as the trend line...that $1110 level remains key support near term.

Buy Gold While It Lasts

Lost in the headlines over the dollar's resurgence in 2010 is the fact gold is still rising in most worldwide currencies. It is also still faring well in dollar terms. Gold is trading at around $1,120 per ounce, up about $60 in the last month.
Frank Holmes, CEO and CIO of U.S. Global Investors, a long time "gold bug" sees no reason for this trend to end.
He tells Aaron in the accompanying clip, "there are many compelling factors both from a supply side and then from the demand side that looks like gold will trade higher."
Holmes' reasons to bullish on gold:
-- Massive federal deficits and low interest rates in the United States and elsewhere will raise inflation risks and keep downward pressure on currencies.
-- Rising incomes in Asia, where affinity for gold runs deep, will have a sizable positive impact on demand; Holmes tells Aaron that China is now the largest producer of gold in the world but that won't drive down prices because the government is "using it as a reserve currency for themselves." However, bulls should note China's chief for exchange official said this morning they would limit their purchases.
-- Peak Gold? Gold production from mines is not adequate to meet demand. Production is dropping around the world. Holmes notes worldwide production ell 10% in 2008 and is especially dramatic in South Africa - the world's largest producer.
Holmes, however, does have a few words of caution for those looking to get rich on gold. He only recommends a 10% allocation in gold that would be divided evenly between bullion and stocks. Among his favorite gold stocks is Randgold Resources Limited, a stock he owns and has recommended here in the past for its strong management.


Originally Yahoo Posted Mar 09, 2010 09:35am EST by Peter Gorenstein in Investing, China

Can $SPX & $NDX Break Higher?

A look at the S&P500 & Nasdaq 100 using respective indicators of stocks in index trading over their 50/150/200 moving averages. Key Resistance Levels 1,150 $SPX & 1,900 on $NDX. Also, even though the Volatility Index ($VIX) has declined a great deal from a year ago..it can continue to go lower as the market climbs higher.

Research In Motion (RIMM) Update

Research in Motion (RIMM) is up over 5% today on an upgrade by BMO raising its price target to $88.
I'd posted this just about 4 weeks ago for my upside target on RIMM >>LINK

RIMM now entering upper half of trading range.

Gold, Oil & S&P500 Videos From This Past Week

Below are some videos on gold and the markets in general this past week. NOTE`` visit us on Facebook now >>LINK or on twitter for up-to-date info >>LINK

~ Itz Weekend Review ~

Week in Review: S&P500 + 3.08%, Gold +2.24%, Silver +5.4%, US Dollar & Euro were flat, Crude Oil +2.48%
Itz Pix Upgrades/Downgrades: RIMM Cannacord raised price target from $95 to $100. SU Deutsche Bank upgraded to Hold from Sell. SLW Scotia cut price target from $20 to $19.50.
Ed Yardeni on CNBC gave his year end S&P500 target of 1300/1350.
In the news:
China's Wen promises strong growth in `crucial year,' efforts to promote clean industries. link  Positive Jobs Report Doesn't Ease Worries of a Double Dip link FOMC voter Bullard losing patience with low rate pledge link ECB Praises Greek Plans, Not Bailout link

Silver Wheaton Reports Record Financial & Operating Results For 2009

 Silver Wheaton Reports Record Financial & Operating Results For 2009

 Silver Wheaton reported net earnings of $50.8 million or $0.15 per share for the fourth quarter, compared to a net loss of $54.2 million or $0.22 per share in the prior year quarter.

Sales for the fourth quarter increased to US$90.55 million from US$28.73 million in the year-ago quarter.>>READ

Silver Wheaton reports record attributable reserves and resources in 2009 >>READ

Marc Faber: Buy Some Gold...

Marc Faber: Buy Some Gold Every Month “Forever”

“Gold is not the liability of someone else…its quantity cannot increase at the same rate as you can print money, which will eventually…weaken the US dollar,” Faber told CNBC on Thursday in a live interview.

"I’m not saying that the dollar will go straight away down because other currencies apparently like the euro are even worse than the U.S. dollar at the present time,” he added. “But eventually if you print money, the purchasing power of money will lose [value] and what will happen is stocks will adjust on the upside..if you believe in equities, I would rather buy Vietnamese shares than U.S. shares because I can make the case that the economy there will grow much faster than in the United States, from a much lower levels admittedly” Faber said. “Or I would buy Indian, Chinese, Malaysian shares. I think if you want to be in the U.S. stock they are better alternative than U.S. stocks,” he added
During his interview Faber touched on the EU’s situation. He said he believes Greece will be bailed out indirectly by the ECB, but the plan won’t succeed. He also said “other counties like Spain and Portugal will also have to be bailed out eventually, and it will lead to more monetization in Europe.”

As I type gold is trading at $1132.40, gold has dropped for the first time in six days as the dollar rebounded and investors sell the metal to lock in gains after the longest rally in five months.
The Euro near term has support @ 1.3550.

Commodity Updates

  Great discussion today on CNBC's Fast Money, topic the metals, Freeport-McMoran, Gold etc...take a listen well worth it.



Also Yamana Gold (AUY) an Itz Pix position.



As I've been calling a near term pullback in the US Dollar after hitting my upside 81 target level. Dollar should continue to trend lower to around 79 area and the Euro to the 1.38 area as indicated in charts below. Gold near term price objective is $1160 and crude oil $89. Itz Pix holdings that should benefit are AUY, GFX, SLW, FCX, RIG, PDE, SU & VLO. Note, raise stops accordingly...the 1125 S&P500 resistance level could prove tough . Any break over though and 1200 is in the cards as an upside objective.

GDX Breaks Out

Greece announced their 'Austerity' program today, Euro is up/dollar is down. Granted the problems with the Eurozone are far from over, but the markets seem to like today's actions. As I mentioned in past blog posts, this Friday's Jobs Report should be a pivotal data point, if bearish should draw the dollar lower. Market Vectors Gold Miner ETF Trust (GDX) has broken out of the downtrending channel, there appears to be more room to run on the upside...possibly retesting the January highs $50/$51? Set STOP @ 50ma.

Gold Continues To Go Higher: GDX

It seems now that White House leadership is trying to get ahead of the Jobs Report this Friday. Here’s Larry Summers on CNBC warning about how the blizzard will distort the coming report...sounds like a 'Snow Job'?! But if the report is as he says, that should send the US Dollar lower and be bullish for gold.



Gold miners offer best leverage on rising goldGDX.

Is Greece A Leading Indicator?

An outlook on global equities, with Christopher Wood, author of "Greed & Fear" newsletter.

"My view is that there is an inevitable endgame as a result of all this massive spending of taxpayer money in the West and Japan to bail out bankrupt banking systems, so in my view unfortunately the end game will be systemic government debt crisis in the western world. It will probably happen in Europe and will climax in the US, and i am expecting on a five year view the collapse of the US Dollar paper standard...The key reason why that is the endgame is that this credit crisis we saw in the west in 2008 and 2009 has simply been deferred, because 95% of the so-called government policy solutions to deal with this crisis have simply been to extend government guarantees. So the problem has been transferred from the private sector to the public sector. It is just a matter of time before investors revolt against these sovereign guarantees...The crisis is going to happen first in Europe, the US will be the endgame."