HOLLYWOOD ( TheStreet) -- If Oscar were made of real gold, Kathryn Bigelow and her movie, "The Hurt Locker," made nearly $1 million Sunday night.

Gold prices are trading around $1,140 an ounce, which is almost $200 more than the same time a year ago. In March 2009, gold's monthly high was $955, while this year's intraday March high touched $1,145, with more potential upside.

Many analysts speculate that if prices can settle over $1,150 to $1,160 an ounce for several consecutive trading sessions, then the precious metal could see another leg up.

"Resistance remains manifest at about the $1,162 area, which really needs to be overcome," says Jon Nadler, senior analyst at Kitco.com. " That level would match January's high, and if that is taken out successfully, we can hope for higher." Gold's all-time high was $1,227 an ounce in December 2009.
Oscars

Using March's intraday price of $1,145 an ounce, if an Oscar were made of pure gold, each one would currently be worth about $155,720, bringing "The Hurt Locker's" grand total Sunday night for its six wins to $934,320.

Unfortunately for the winners, the golden statue is really made of mold. The statuette is hand cast in a steel mold, buffed and then dipped alternatively in copper, nickel and then silver. Finally, the statuette is layered with a thick coat of 24-karat gold. Oscar is then mounted on a cylindrical base to weigh in at 8.5 pounds.

The Academy of Motion Picture Arts and Sciences made 50 statuettes for the 82nd Academy Awards, which would have run the organization $7.8 million. Luckily for the Academy, an Oscar costs roughly only $500 to make.

If you want to invest in gold, winning an Oscar might not be the easiest or most profitable way. Most gold advisers recommend physical bullion, which is levered to the spot price not the paper futures market.

Gold ETFs like SPDR Gold Shares ( GLD), iShares Comex Gold Trust ( IAU) and ETFS Gold Trust ( SGOL) are physically backed ETFs that also track gold's spot price without the hassle of storing bullion.

Mining stocks can offer as much as 3 to 1 leverage to gold's price, but are also subject to massive volatility. Large-cap miners like Barrick Gold ( ABX) are popular investments, but junior miners like NovaGold ( NG) offer a bigger gambling opportunity. Some fundamentals to consider are management, reserves per share, location and production estimates.

>>See our slide show on the 10 films nominated for Best Picture, including the winner "The Hurt Locker":

Avatar

Worldwide: $2.5 billion

Domestic: $710 million

The Blind Side

Worldwide: $249.6 million

Domestic: $249 million

Production budget: $29 million

District 9

Worldwide: $204.8 million

Domestic: $115.6 million

Production budget: $30 million

An Education

Worldwide: $16.5 million

Domestic: $11.5 million

Production budget: $7.5 million

The Hurt Locker

Worldwide: $19.3 million

Domestic: $12.7 million

Production budget: $15 million

Inglourious Basterds

Worldwide: $313.6 million

Domestic: $120.5 million

Production budget: $70 million

Precious

Worldwide: $53.1 million

Domestic: $47.2 million

Production budget: $10 million

A Serious Man

Worldwide: $24.2 million

Domestic: $9.2 million

Up

Worldwide: $723 million

Domestic: $293 million

Production budget: $175 million

Up in the Air

Worldwide: $146.5 million

Domestic: $82.3 million

Production budget: $25 million

-- Written by Alix Steel in New York.
Alix joined TheStreet.com TV in February 2007. Previously, she held positions in film and theater production, management, and legal administration. Alix has a degree in communications and theater from Northwestern University.