The Slo-Mo Gold Rush

Believe it or not -- like it or not -- gold stocks are momentum plays.

The group was sagging a bit at midday as the broader equity market rebounded from Monday's undressing. But as reported last night, the Philadelphia Stock Exchange Gold & Silver Index hit a 52-week high yesterday as did a number of individual stocks, including Newmont Mining (NEM Quote), Goldcorp (GG Quote), Glamis Gold (GLG Quote), Agnico Eagle Mines (AEM Quote) and Freeport McMoran Copper & Gold (FCX Quote).

Predictably, Wall Street is starting to wake up to a group that was an also-ran -- if not an outright laughingstock -- for much of the 1990s. ...