The rally may end any day, but it didn’t end yesterday. Stocks rose 127 points, as measured by the Dow. Oil closed at $66. Gold rose $2.50.

The commodity markets are surging today. Are the bulls charging because of investor fear or is something else going on? Here’s the answer.

Deprecated and reduced as a financial asset, gold is fast-gaining new buyers yet remains under-invested compared to previous crises…

“FEAR, Mr. Bond, takes gold out of circulation and hoards it against the evil day,” as 007 learns from a Bank of England officer in Ian Fleming’s Goldfinger (1959).

After falling 35% in 2008, US stocks are now trading at only 10.6 times forecast earnings, well below the historical average. But are they good value yet? Martin Hutchinson says it will depend on the sector and country. He picks the biggest bull and bear markets for 2009.

The recent slump in gold prices has puzzled many investors who considered the yellow metal a safe haven. But Mike Caggeso says the inflationary impact of the government’s $700 billion bailout program could send gold soaring towards $1,500 an ounce by the end of 2009. He recommends five ways to play this coming gold bull run.

As Wall Street continues to put their faith in the “goldilocks” hypothesis, it may come as a surprise to those familiar with my more negative view that I too fully expect this scenario to unfold.