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PostSubject: Market Nuggets   Fri Mar 11, 2011 2:55 pm

Market Nuggets: Gartman Moving Back To The Sidelines In Gold Market
11 March 2011, 08:21 a.m.
By Kitco News

(Kitco News) -- Investor and newsletter writer Dennis Gartman says he is moving back to the sidelines in gold after returning at the start of the week. He cites a technical-chart picture that worsened Thursday and a massive earthquake in Japan overnight likely to mean liquidation in a range of assets. The demands that will be put on insurance companies and “the forces of margin calls” will weigh upon commodities, he says. “Further, given that we may well see yen repatriated back to Japan because of the devastation involved, and because of the uncertainty of the situation generally, we think the sidelines are the place to be and so we are again exiting gold entirely…in all currency terms,” he says in The Gartman Letter. “We can readily imagine that the margin clerks of the world shall have their heaviest sticks out today, selling where and when and what they can to raise liquidity.” Margin clerks like gold because they can sell it easily to raise cash to defend positions elsewhere, he says. The newsletter writer says “this is not a decision we like to make.” However, “we, like the margin clerks, shall treasure liquidity.”
By Allen Sykora of Kitco News;

Market Nuggets: HSBC: Technically Motivated Traders May Target $1,400 In Gold
11 March 2011, 08:10 a.m.
By Kitco News
(Kitco News) -- The near-term momentum for gold is slower but the long-term rally remains intact, says HSBC. The metal fell Thursday when the euro was weak against the dollar and Chinese trade data was disappointing. “Technically motivated traders may seek to penetrate the psychological USD1,400/oz support level in gold,” HSBC cautions. “Bullion prices still have the potential to rally, in our view. A series of events, such as fiscal pressures in Europe or a social uprising in the Middle East, have the power to force the market to re-price risk and set off a fresh bullion rally. Short of that, however, we believe that gold and silver prices will fall further.” In screen trading ahead of the Comex pit open, April gold is $3.60 softer at $1,408.90 an ounce and bottomed at $1,404.80.
By Allen Sykora of Kitco News;

Market Nuggets: Commerzbank: Lack Of Euro-Zone Debt Progress Could Support Gold
11 March 2011, 07:52 a.m.
By Kitco News
(Kitco News) -- Gold could not benefit Thursday from a Spanish debt downgrade and continuing civil unrest in North Africa and the Middle East, probably because of U.S. dollar strength and profit-taking by speculators after the metal hit record highs earlier in the week, says Commerzbank. Still, they note, the European debt situation remains a supportive influence, the bank says. European Union leaders are holding an extraordinary meeting today, with the main agenda item likely to be the Libyan situation, the bank says. A meeting of euro-zone finance and economic ministers follows on Monday and Tuesday, in preparation for an EU summit at the end of the month. “The lack of agreement within the euro zone about the debt crisis and the rescue plan is likely to be evident again,” Commerzbank says. “Should no progress is made, this could have a positive effect on the price of gold.”
By Allen Sykora of Kitco News;
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