The SPDR Gold (NYSE: GLD  ) ETF is up more than 240% since 2004. The S&P 500 stockindex is about flat over that period.

Gold has unquestionably been one of the best, if not the best, assets to own in recent years. While high-quality blue chip stocks that more than doubled earnings have stagnated – Wal-Mart and Microsoft fit that bill – precious metals stocks like Silver Wheaton (NYSE: SLW  ) and Yamana Gold (NYSE: AUY  ) have been staggering successes.

But when it comes to the question of what comes next, there is room for debate. It is a classic investing miscalculation to assume that what has done well in the past will do well in the future. History proves it’s usually the other way around.

A recent Gallup poll asked investors what they think will be the best long-term investment. Thirty-four percent said gold; 17% said stocks. I asked Yale economist Robert Shiller what he thought about that statistic in an exclusive interview last month. Here’s what he had to say:

Gold Stocks To Invest In 2012: Newmont Mining Corporation (Holding Company) (NEM)

Newmont Mining Corporation, together with its subsidiaries, engages in the acquisition, exploration, and production of gold and copper properties. The company?s assets or operations are located in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand, and Mexico. As of December 31, 2009, it had proven and probable gold reserves of approximately 93.5 million equity ounces and an aggregate land position of approximately 27,500 square miles. The company was founded in 1916 and is headquartered in Greenwood Village, Colorado.

Advisors’ Opinion:

• By Vatalyst At 2011-10-15

  Headquartered near Denver, Colorado, Newmont Mining Corporation was founded in 1921 and publicly traded since 1925. Newmont is one of the world’s largest gold producers and is the only gold company included in the S&P 500 Index and Fortune 500. It has significant interests in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico, and high standards in environmental management, health and safety and is part of the Dow Jones Sustainability World Index. NEM returned 11% during the last twelve months with a 45.5% quarterly earnings growth. It has a market capitalization of $26.7 billion and a trailing P/E ratio of 11.9x. NEM is expected to earn $2.24 per share in 2012.

Gold Stocks To Invest In 2012: Randgold Resources Limited (GOLD)

Randgold Resources Limited, together with its subsidiaries, engages in the exploration and mining of gold mines in west and central Africa. It holds 80% controlling interest in the Loulo mine located in western Mali; Morila mine in Mali; 89% controlling interest in the Tongon mine located in the neighboring country of C?te d?Ivoire; 83.25% controlling interest in the Massawa project in Senegal; and 45% interest in the Kibali project, which is located in the Democratic Republic of Congo, as well as a gold deposit at Gounkoto in Mali. The company was founded in 1995 and is based in St. Helier, the Channel Islands.

Advisors’ Opinion:

• By Vatalyst At 2011-10-15

  Randgold Resources is a gold mining and exploration company focused in Africa with listings on the London Stock Exchange and Nasdaq. Randgold has produced approximately 5.8 million ounces of gold and distributed more than $1.6 billion to stakeholders through its mining operations. This stock posted a 5% return last year but quarterly earnings declined 16.5% year on year. With market capitalization of $6.9 billion, GOLD has a trailing P/E ratio of 67.5x and is expected to earn $0.50 per share in 2012.

  While we can’t completely discount the significant country and political threats despite the prevailing stability in the region, Randgold has potential for some of the most promising gold discoveries due to their concentrations in Western and Central Africa. Analysts expect earnings to grow at an average annual rate of 53.5%, even as actual stock performance continues to outperform previous estimates. With a strategy of targeting profitable gold deposits that have mineable gold reserves of three million ounces or more, Randgold already has sizable annual sales and 40.2% EPS growth over the last 10 years and strong internal financial management ratios with little reliance on debt financing.

Gold Stocks To Invest In 2012: Royal Gold Inc. (RGLD)

Royal Gold, Inc., together with its subsidiaries, acquires and operates precious metals royalties. The company owns royalty interests in various production, development, evaluation, and exploration stage projects, which explore for gold, silver, copper, lead, and zinc metals. It holds royalty interests in properties located in the United States, Argentina, Australia, Bolivia, Brazil, Burkina Faso, Canada, Chile, Colombia, the Dominican Republic, Finland, Ghana, Guatemala, Honduras, Mexico, Nicaragua, Peru, the Russia Federation, Spain, and Tunisia. The company was founded in 1981 and is based in Denver, Colorado.

Advisors’ Opinion:

• By Vatalyst At 2011-10-15

  Headquartered in Denver, Colorado and traded on the NASDAQ Global Select Market under the symbol “RGLD,” and on the Toronto Stock Exchange under the symbol “RGL.”, Royal Gold, Inc. owns and manages royalties on gold and other precious metal production in some of the world’s most prolific gold regions. This stock posted a 15% return this year and more than 90% quarterly earnings growth rate. Royal Gold Inc., has a market capitalization of $2.88 billion and a trailing P/E ratio of 75.7x. RGLD is expected to earn $0.09 per share in 2012.

  As a royalty company, Royal Gold is also primarily an investor, so it painstakingly chooses its portfolio investment while eliminating the operational risks. RGLD’s current stock price ($65.4) shows a positive sign as it is within 15% of the 52-week high ($67.29) and is showing good relative strength to the market. Notable strengths are low gearing and positive cash flow from operations even though ownership is mostly external to the company. Analysts refer to the stock as an ‘uncut gem’ due to its small capitalization still under the institutional buying radar, so no surprises when this stock really takes off.

Gold Stocks To Invest In 2012: Eldorado Gold Corp (EGO)

Eldorado Gold Corporation, together with its subsidiaries, engages in the discovery, exploration, development, production, and reclamation of gold properties in Brazil, the People?s Republic of China, Greece, and Turkey. It operates the Kisladag gold mine in Turkey; the Jinfeng, Tanjianshan, and White Mountain gold mines in the People?s Republic of China; and the Vila Nova iron ore mine in Brazil. The company?s development projects include the Efemcukuru gold mine in Turkey, the Eastern Dragon gold mine in the People?s Republic of China, the Perama Hill gold project in Greece, and the Tocantinzinho gold project in Brazil. As of December 31, 2010, Eldorado Gold Corporation had 18.7 million ounces of proven and probable gold reserves. The company was formerly known as Eldorado Corporation Ltd. and changed its name to Eldorado Gold Corporation in April 1996. Eldorado Gold Corporation was founded in 1992 and is headquartered in Vancouver, Canada.

Advisors’ Opinion:

• By Vatalyst At 2011-10-15

  A Canadian international gold producer operating in China, Turkey, Brazil and Greece, Eldorado Gold Corporation is working on bringing up their production to approximately 1.5 million ounces of gold annually in 2015. The top performing S&P/TSX Composite Index in 2008 and in 2009, Eldorado Gold returned 34% last year and a 32% quarterly earnings growth. With a market capitalization of $8.9 billion it shows a trailing P/E ratio of 43x. It is expected to earn $0.52 per share in 2012.

Gold Stocks To Invest In 2012: Yamana Gold Inc. (AUY)

Yamana Gold Inc. engages in gold and other precious metals mining, and related activities, including exploration, extraction, processing, and reclamation. It also explores for copper, molybdenum, zinc, and silver metals. The company’s portfolio includes 7 operating gold mines namely Chapada; El Penón; Jacobina; Gualcamayo; Minera Florida; Fazenda Brasileiro; and a 12.5% indirect interest in the Alumbrera mine, as well as various advanced and near development stage projects and exploration properties in Brazil, Chile, Argentina, Mexico, and Colombia. The company was formerly known as Yamana Resources Inc. and changed its name to Yamana Gold Inc. in July 2003. Yamana Gold Inc. was founded in 1980 and is headquartered in Toronto, Canada.

Advisors’ Opinion:

• By Barker At 2011-10-30

  I believe I have touted Yamana Gold’s clear prowess as a deep-value favorite from every possible angle. With arguably the lowest downside risk of any stock in the sector, I join fellow value hounds in waiting patiently for the market to recognize the full value of these shares.

• By Vatalyst At 2011-10-15

  A gold producer focused in Canada with land positions in Brazil, Argentina, Chile, Mexico and Colombia, Yamana plans to target gold consolidation opportunities with a primary focus in the Americas. AUY gained 29% during the last year with a 343.5% quarterly earnings growth rate. It has a market capitalization of $9.2 billion and a trailing P/E ratio of 20.4x. AUY is expected to earn $0.75 earn per share in 2012.

Gold Stocks To Invest In 2012: Northgate Minerals Corporation (NXG)

Northgate Minerals Corporation, together with its subsidiaries, engages in exploring, developing, processing, and mining gold and copper deposits in Canada and Australia. Its principal producing assets include 100% interests in the Fosterville and Stawell Gold mines in Victoria, Australia; and the Kemess South mine located in north-central British Columbia, Canada. The company was formerly known as Northgate Exploration Limited and changed its name to Northgate Minerals Corporation in May 2004. Northgate Minerals Corporation was founded in 1919 and is headquartered in Toronto, Canada.

Advisors’ Opinion:

• By Barker At 2011-10-30

  I’m not the only Fool who perceives compelling value in the shares of this 90-year-old gold company. My colleague Andrew Sullivan made Northgate his inaugural selection within the Fool’s Rising Star Portfolio Series. With anticipated production from Young-Davidson beginning in early 2012, and consistent exploration success at multiple properties, I consider this recently stagnant stock among the clearest rising stars in the gold patch.

• By Cutler At 2011-10-20

  Northgate Minerals Ltd Common (AMEX:NXG): This equity had 11,186,665 shares sold short as of Aug 31st, as compared to 12,721,260 on Aug 15th, which represents a change of -1,534,595 shares, or -12.1%. Days to cover for this company is 2 and average daily trading volume is 6,342,426. About the equity: Northgate Minerals Corporation is a gold and copper mining company. The Company has mines in areas of Canada and Australia.

• By Christopher Barker At 2011-9-2

  I’ve been reminding Fools to consider positioning for Northgate Minerals’ golden explosion for months, and patient gold investors continue to await the day when Northgate’s powerful prospects are more fully reflected in the shares. Construction of the critical Young-Davidson mine continues right on schedule, and first production now stands about two quarters away. That means Northgate is reasonably likely to achieve its 2012 production target of 300,000 ounces, followed by 350,000 ounces in 2013. Meanwhile, Northgate recently drilled “one of the best holes ever intersected on the property” — featuring 4.31 grams of gold per ton over a very wide 79.6-meter segment — from a new discovery zone outside of the existing 2.8 million-ounce reserve.

  If Young-Davidson were Northgate’s sole asset, these shares would still be undervalued here at about $2.60 per share. With a preliminary assessment looming for the reworked Kemess Underground project, a new drill program at the Awakening Gold project in Nevada, and two operating gold mines in Australia, Northgate figures among the clearest bargains in the gold patch.

Gold Stocks To Invest In 2012: Thompson Creek Metals Company Inc. (TC)

Thompson Creek Metals Company Inc., through its subsidiaries, engages in mining, milling, processing, and marketing molybdenum products in the United States and Canada. The company?s principal properties include the Thompson Creek Mine and mill in Idaho; a metallurgical roasting facility in Langeloth, Pennsylvania; and a joint venture interest in the Endako Mine, mill, and roasting facility in British Columbia. It also holds interests in development projects comprising the Davidson molybdenum property and the Berg copper-molybdenum-silver property located in northern British Columbia; the Howard?s Pass property, a lead and zinc project situated in the Yukon territory-northwest territories border; and the Maze Lake property, a gold project located in the Kivalliq district of Nunavut. The company produces molybdenum products, primarily molybdic oxide and ferromolybdenum, as well as soluble technical oxide, pure molybdenum tri-oxide, and high purity molybdenum disulfide. As of December 31, 2010, its consolidated recoverable proven and probable ore reserves totaled 462.2 million pounds of contained molybdenum in the Thompson Creek Mine and the Endako Mine. The company was formerly known as Blue Pearl Mining Ltd. and changed its name to Thompson Creek Metals Company Inc. in May 2007. Thompson Creek Metals Company Inc. is based in Denver, Colorado.

Advisors’ Opinion:

• By Christopher Barker At 2011-9-2

  My recent survey of bargain-basement stock valuations among gold miners identified Thompson Creek Metals as a glaring opportunity for value investors. The miner sports two world-class molybdenum mines with 534 million pounds of reserves between them, along with an array of attractive development projects in the pipeline. Foremost among those is the Mt. Milligan copper and gold project, where Thompson Creek expects to launch itself into the ranks of intermediate gold producers with production commencing in late 2013.

  With 6 million ounces of gold reserves, accompanied by 2.1 billion pounds of copper, Mt. Milligan will deliver about 262,100 ounces of gold per year for the first six years of a 22-year mine life, averaging 194,500 ounces annually over that entire span. Although 25% of that gold production is already spoken for through a gold stream agreement with Royal Gold (Nasdaq: RGLD  ) , Thompson Creek Metals is sure to enjoy a powerful cash-flow explosion.

Gold Stocks To Invest In 2012: NEW GOLD INC. (NGD)

New Gold Inc. engages in the acquisition, exploration, extraction, processing, and reclamation of mineral properties. The company primarily explore for gold, silver, and copper deposits. Its operating properties include the Mesquite gold mine in the United States; the Cerro San Pedro gold-silver mine in Mexico; and the Peak gold-copper mine in Australia. The company also has development projects, including the New Afton gold, silver, and copper project in Canada; and a 30% interest in the El Morro copper-gold project in Chile. The company was formerly known as DRC Resources Corporation and changed its name to New Gold Inc. in June 2005. New Gold Inc. was founded in 1980 and is headquartered in Vancouver, Canada.

Advisors’ Opinion:

• By Vatalyst At 2011-10-15

  New Gold Inc. is listed on the Toronto Stock Exchange, and the NYSE under the symbol NGD. New Gold has a portfolio of global assets in the United States, Mexico, Australia, Canada and Chile as an intermediary gold producer. NGD gained 159% this year. With market capitalization at $4.5 billion, NGD shows a trailing P/E ratio of 25.3x. New Gold has a 30% interest in El Morro copper-gold Project in Chile and is expected to earn $0.21 per share next year.

• By Christopher Barker At 2011-9-2

  This stock has set the gold standard for share price appreciation among gold miners, advancing more than 140% since I introduced Fools to the new face of New Gold back in January 2010. Looking out over the long-term horizon, New Gold has constructed a gorgeous development pipeline to complement its trio of producing gold mines, featuring: a low-risk 30% stake in Goldcorp’s El Morro project in Chile, the New Afton copper and gold project in British Columbia (with production scheduled to begin mid-2012), and the recently acquired Blackwater project north of New Afton.

  Although I expect the Blackwater deposit to expand considerably with further exploration, the project’s initial indicated gold resource of 1.8 million ounces already leaves New Gold in command of 14.7 million ounces of measured and indicated gold resource. Tossing in copious supplies of by-product metals — most notably 83.5 million ounces of silver and 3.5 billion pounds of copper — New Gold is positioned to enjoy consistently low production costs throughout its sustained growth trajectory.

Advisors’ Opinion:

• By Barker At 2011-10-30

  It’s always difficult to pare a long list of potential highfliers down to a single favorite stock, but when I asked myself which of my own gold and silver holdings I’d be buying more of at this juncture, Gammon Gold came out right on top. While an array of smaller-cap alternatives could well outperform these shares, I consider Gammon the ideal combination of existing market heft, incredible growth potential, and a decidedly undervalued share price. I recently identified three specific developments that could jump-start these shares over the coming months, and over the long term I expect Gammon shares to appreciate handsomely.

• By Ian Wyatt At 2011-9-2

  Gammon Gold posted the best small cap gold stock performance, year-to-date.

  The company reported Wednesday that its fourth quarter net earnings rose 74 percent, which far surpassed analysts’ expectations. For the quarter, the gold and silver producer increased net earnings by $23.5 million, or 17 cents a share. This was up from $13.5 million or 10 cents a share during the same quarter last year. Revenue from mining operations was also higher at $71 million, up 4% from last year.