When gold miners and gun-toters lag the broader economy, it's usually a good sign that conditions are on the mend. Both sectors outperform when times were tough, but this year, their growth has slowed relative to the market has a whole.

The S&P 500 index has gained 57% since March 9, 2009, according to a USA Today report, while Barrick Gold (NYSE: ABX) and Newmont Mining (NYSE: NEM) are up 36% and 21%, respectively, for the same period. Smith & Wesson (NASDAQ: SWHC) is up 30%. Again, these are definitely respectable results, but they aren't keeping pace with the index.

"Getting invested in precious metal for the long term is our end game," says Daniel Frishberg, host of BizRadio and editor of The MoneyMan.com Gold & Oil. Here's a look at two ETFs.

"It looks as if prices could go higher short term, especially if US dollar weakness continues. The risk of owning gold at today's price level is that net commercial short positions continue to increase.

"Attempts by producers and speculators to bid up prices are matched by increases in commercial short positions. Gold prices are being controlled not by physical buyers and sellers, but by futures traders.

"In the 2000s, as we've alternated between deflationary and inflationary worries, gold has been the only major investment to rise every year," says Stephen Leeb.

In his The Complete Investor, he explains, "We think that many miners are exceptional bets today. And among our favorite gold investments is one that we hold in our small cap value model portfolio: NovaGold Resources (AMEX: NG)."

"The case for mining stocks is that the price of gold rises faster than miners' costs, allowing margins to increase.

This post is part of a special annual report -- Top Stock Picks '09 -- in which TheStockAdvisors.com asked 75 leading newsletter advisors to select their favorite investment for the new year.

Pamela Aden, in her industry-leading The Aden Forecast expects a rebound for gold-mining stocks. What's her favorite way to play this sector? Market Vectors Gold Miners ETF (NYSE: GDX).

"Most markets fell sharply in 2008 as the financial crisis intensified. Gold shares were especially hard hit as gold and the stock market both declined, increasing the downward pressure on these stocks.

"Currently, all of these markets are bombed out and extremely oversold. This means that stocks and gold are poised to move higher, and gold stocks will indeed benefit on both counts.

"Demand for physical gold has been incredibly strong in the last quarter as prices fell during the credit crisis squeeze. You'll remember that gold, like most assets, was sold during the deleveraging when selling was rampant.

"Gold is now looking stronger; it is time that investors have gold in their portfolios," says Curtis Hesler. In the The Professional Timing Service, he looks at gold's seasonal patterns.

"I think they will rush to commodity-based assets because of the serious underinvestment phase the commodity sector is involved in now. This will lead to shortages and very high prices down the road in all commodities.

"Once the dollar begins to roll over, gold will be an instant benefactor. It is already looking stronger in my technical work, and it is time that investors should have gold in their portfolios. I still recommend that you put new money into the major gold miners only.

"We are approaching an interesting seasonal period for gold. Years ago, the Stock Trader's Almanac used to specify a seasonal trade in gold.

"Their study showed that if you bought ASA Ltd. (NYSE: ASA) at its low in November and sold it at its high in the first quarter of the next year, you would have averaged a gain of 87.8%.

When gold was trading above $1,000 an ounce, Curtis Hesler reversed his buy signal and fortuitously warned of a seasonal pullback expected over the summer.

In his The Professional Timing Service, he stated, "Gold should settle into the cyclical and seasonal lows due in early August. Although you will hear plenty of bearish arguments as gold prices pull back, weakness will be a buying opportunity."

He now explains, "I don't think there is much left on downside for the mining shares. We will likely see the miners firm up and begin to rally before the bullion. My adice is to hold tight and exploit the fear.

"This weakness presents a final opportunity before the late summer and early fall strength returns to precious metals. The coast is clearing for gold to advance to new highs by October when its next seasonal high is due.

"Longer-term, I can't help but wonder if gold isn't anticipating the next break in the dollar. We all should be thinking about the trillions of dollars in U.S. government unfunded liabilities for Medicare, Social Security, pensions, etc. There's going to be a tsunami of dollars printed to cover all of that.

"At the top of my buy list is Kinross (NYSE: KGC). Yamana (NYSE: AUY) is an excellent diversification in the precious metals sector. Also among my favorites is Goldcorp (NYSE: GG)."

Each day, Steven Halpern's TheStockAdvisors.com offers the latest market commentary and favorite investment ideas from the nation's leading financial newsletter advisors.

With gold trading down sharply from its highs, Keith-Fitzerald offers a special report on gold stocks in Money Morning, highlighting three companies that he consider to be the "very best of the best."

"Gold remains a key profit opportunity -- especially if inflation, or even stagflation, is taking hold. It should also help that economic uncertainty is escalating. However, since the economic outlook has grown more uncertain, we've decided to our recommended list down to just three picks:

"The StreetTracks Gold Trust (NYSE: GLD) is an ETF that tracks the price of gold directly, making it the simplest way to invest in the yellow metal via an ETF. And with a market cap approaching $17 billion, this fund has ample liquidity.

"Barrick Gold Corp. (NYSE: ABX) is a Toronto-based company with mostly North American production, as well as properties in South America and Africa, and some copper and zinc add-ons. It has a $38 billion market capitalization, so there's plenty of liquidity.

"Gold is the only true hedge against the falling dollar, the unfolding credit crisis, inflation, and geopolitical turmoil," notes resource expert Larry Edelson in Real Wealth. Here's a look at Yamana Gold (NYSE: AUY).

"I've been saying for a long time that gold could hit $1,000. Many called me crazy. Now, all of the market fundamentals - from the beleaguered U.S. economy that faces imminent inflation spikes to a battered dollar and global economic uncertainty – point to gold taking off to well above $1,000 an ounce.

"This is great news for our the gold positions in your portfolio, including our newest recommendation, Yamana Gold. Yamana is aToronto-based miner that has operations in both North and South America.

"Last year, the company produced 773,000 ounces of gold. This year, the company expects to boost production to 1.3 million ounces.That's a 68% increase!

"On top of that, if AUY's quarterly profits come in at the expected 22 cents a share when they report earnings on March 25, that would put full-year profits at 77 cents a share -- 1,000% higher than last year! If this happens, and it looks like it will, these shares are primed for a nice upward move."

Each day, Steven Halpern's TheStockAdvisors.com offers the latest market commentary and favorite investment ideas from the nation's leading financial newsletter advisors.

This article is part of a 20 article special report on "Metals, miners and money".

"When building a portfolio of junior mining stocks, stick with the best -- not just the cheapest," says money manager and advisor Adrian Day in his industry-leading The Global Analyst.

Although he is cautious on gold prices for the near term, Adrian Day suggests, "Gold is still only part way through its current bull move, one that likely still has years to run." Here, he looks at five favorite top-quality junior miners.

"Gold has had an extraordinary run, based partly on the decline in the dollar, which appears overdone in the short term. The fundamentals for a weaker dollar and for a stronger gold price remain intact, but I would be cautious about chasing markets now, especially the seniors.

"But it would be a mistake to sell too much, particularly in an attempt to trade the market and buy back precisely the same stocks at lower prices. Such attempts often end badly, as one fails to buy back favorite companies after selling at perhaps intermediate tops.