Despite the U.S. stock market's recent run up, the decline in the U.S. dollar and inflation fears have investors searching for safety in these uncertain times. A popular strategy that has emerged is to hedge market and currency risk with commodities, namely gold, oil, and uranium. What specific stocks and investments in these sectors are likely to outperform?

ETFs like the US Oil Fund (NYSE: USO) and the SPDR Gold Shares (NYSE: GLD) will obviously track any rise or fall in these commodities to a T, but perhaps individual companies in these sectors are a better fit for you. Below are some industry giants, as well as speculative plays that are also drawing attention from investors.

The need to fulfill promises of increased aid for Africa, and a general agreement between the United States and Russia on an approach to Iran's nuclear program took center stage as leaders from the Group of Eight industrial nations met Monday in Japan, The Associated Press reported.

President Bush, attending his last summit as a sitting U.S. president, underscored the importance of providing aid for Africa, calling on wealthy nations to provide mosquito netting and other aid to prevent needless deaths, the AP reported.

Basic items - - even equipment as basic as mosquito netting - - can reduce mortality rates in sections of Africa. Mosquito netting prevents children and others from dieing of bites from disease-carrying mosquitoes.

In 2005 the G-8 pledged to increase global aid to $130 billion, and increase assistance to Africa to $50 billion. ONE, a nonpartisan group working to end extreme poverty, predicted that the U.S. and the United Kingdom will meet their commitments, while France, Italy, Germany and Canada are off the mark, Bloomberg News reported Monday.

Increased global food aid likely

Economist Glen Langan, whose specializations include agricultural economics, said increased aid for food and agricultural development will likely be announced by G-8 leaders at the summit, or soon thereafter, due to the rising cost of food's impact on poorer nations. "The aid will be targeted to meeting basic needs first, but with an eye toward directing some funds to self-sustaining agriculture," Langan said, adding that Africa "has the potential to achieve food production gains greater than South America."

Oil fell more than $5 to about $140 per barrel Monday morning after Iran's foreign minister expressed confidence in talks with western governments regarding the nation's nuclear program, Bloomberg News reported.

Iran's foreign minister Manouchehr Mottaki told CNN talks are "in a new environment" and "new approaches" are possible.

A rising dollar Monday morning also helped push oil lower. The dollar strengthened against the euro and the British pound on expectation G-8 industrial leaders will verbally support the dollar at an upcoming economic summit in Japan.

Oil fell $5.14 to $140.15 per barrel Monday morning before recovering slightly to $141.30. The other major energy commodities also plunged in early Monday trading. Heating oil plummeted 13 cents to $3.97 per gallon, unleaded gasoline fell about 10 cents to $3.47 per gallon, and natural gas plunged 42 cents to $13.16 per million BTUs.

Economist Glen Langan, who argues that fundamentals (primarily rising demand) are the major factors determining oil's price, said legitimate progress on the Iran uranium enrichment issue would ease traders' concerns about Iran's supply. "Iran is still OPEC's No. 2 producer and a major exporter of oil, so lasting good news with regard to Iran will ease traders minds about tensions in and near the Persian Gulf. That will take some pressure off prices," Langan said. About 20% of the world's oil flows through the Persian Gulf and the Strait of Hormuz.

According to an article in Monday's Wall Street Journal(subscription only), hedge funds have began to bet on the commodity uranium. This seems like a harmless activity at first, since uranium is not traded on any exchanges so the commodity must be bought and sold privately. Due to the huge increase in demand from hedge fund speculators, however, this extremely precious and important commodity has run up in price very significantly over the last several years ---- moving from $21 per pound two years ago to roughly $80 per pound in February. Therefore, according to the article, hedge funds are "exacerbating what was already the biggest nuclear-fuel supply crunch in decades."

The issue of hedge funds trading uranium raises two questions: 1) Where should the line be drawn regarding what hedge funds are able to speculate in? Is a very rare and illiquid commodity with very dangerous, radioactive characteristics going too far? and 2) Are returns that hard to find these days that hedge funds need to dabble in these extremely speculative and thinly traded instruments? If so, I think hedge fund investors and going to be very disappointed over the next few years.

On tonight's MAD MONEY on CNBC, Jim Cramer had a nuclear power play that may still have a negative bias if the Democrats come into power. Cramer actually has a nuclear power play in uranium despite this. China has 30 nuclear power plants being built, and everyone else wants nuclear power plants except for the U.S.

I noted these uranium 'safety net' hopes out of Merrill Lynch for investors back in December. Who knows how that research call is really going.

Cameco Corp. (NYSE:CCJ) already had a huge problem with a floor, but Energy Metals (NYSE:EMU) is his play. He says not to pay over $12.00 on it. EMU is a speculative one for Cramer since they don't really produce uranium yet. He thinks it could make 5 million pounds in 2012, but it could pay off big. Cramer thinks it could be acquired, too.

Jon Ogg is a partner in 24/7 Wall St., LLC; he does not own securities in the companies he covers.

Each year Steven Halpern, editor of TheStockAdvisors.com, surveys the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is part of his 24th annual Top Picks Report.

Pinetree Capital Corp. (TSX: PNP) (Other OTC: PNPFF) is the top pick for speculative investors for 2007 from technical analyst Mark Leibovit. The editor of VRTrader says, "Pinetree is a diversified investment and merchant banking firm focused on the small cap market. Its investments are primarily in the resources sector: uranium, oil and gas, precious metals, and base metals.

"Its investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector, and work with those companies to build them to commercial production and create an exit.

"Our primary interest in Pinetree is for its strength as a uranium play. Spot uranium has hit a new bull market high of $60/lb. as growing demand on a worldwide level for uranium grows, based on the recognition that nuclear generated power is the only true long-term answer to our energy needs.

"The upside target in Pinetree is unlimited, depending on whether or not a buying panic ensues for uranium shares. It is our view that larger fish will eventually be gobbling up all available uranium resources to insure future supply for current and soon-to-be-built nuclear plants. Upside target is set for $30 for now, looking through 2007."

To see Mark's favorite conservative idea for 2007, click here.

Each year Steven Halpern, editor of TheStockAdvisors.com, surveys the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is part of his 24th annual Top Picks Report.

Pele Mountain Resources (CDNX: GEM) is the top speculative idea for 2007 from Yola Edwards -- for those speculators who are fully aware of the very high risks inherent in a low priced junior mining stock.

The editor of Yola's Charts says, "Diamonds are a girl's best friend, so the saying goes, but add to that, a mix of gold, uranium and base metals and you have a gem of a company. Pele Mountain Resources, which explores and develops in northern Ontario, is virtually unknown.

"Pele owns 100% of its Elliott Lake uranium project, which was abandoned years ago when falling uranium prices undermined the property's economic viability. However, global demand and limited supply is expected to support the resurgence of uranium prices.

"Technically, the stock has traced out a solid three-year saucer base from 2003-2006 and has recently broken out to the upside with several significant upside breakout points. The fifth primary wave advance, of the first wave of intermediate degree, should complete at about $1.70.

"But in my view, that's just the beginning. Future reports may confirmed the continuation of the mineralized zone within the Elliott Lake boundaries; if so, this stock would be grossly undervalued. Pele Mountain has 63.2 million shares outstanding and is debt free."

To see Yola's favorite conservative stock for 2007, click here.

Each year, Steven Halpern, editor of TheStockAdvisors.com, surveys the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is part of his 24th annual Top Stocks Report.

Energy Metals (NYSE: EMU) is the favorite speculative pick for 2007 from Elliott Gue. The editor of The Energy Strategist explains, "The supply/demand balance for uranium is tighter than for just about any other major commodity; supply of natural uranium from mines just isn't enough to cover even current demand. And with a global building boom for nuclear power plants underway, demand for uranium is only going to rise.

"In late October, uranium mining giant Cameco announced that it was experiencing uncontrollable water inflow into one of its key new mine projects, delaying the project from in early 2008 to, perhaps, mid-2009 for this mine.

"By around 2008, some utilities will be running low on uranium inventories to fuel their existing reactors. And there aren't many other sources of uranium out there to fill the void. For an aggressive play on this trend, consider Energy Metals. The stock, previously only listed in Toronto, recently listed its shares on the NYSE.

"While Energy Metals is headquartered in Canada, most of its projects are located in the U.S. Its Hobson facility in Texas is a licensed processing plant that is currently capable of processing 500,000 pounds of uranium oxide (yellowcake) annually from ISL liquids. This plant could produce as much as 1 million pounds of yellowcake annually once EMU completes upgrades to the facility.