We have heard the tragic tales of desperate scavengers electrocuted as they pillage foreclosed homes for copper. And then there are the treasure hunters rummaging through attics in search of tarnished silverware to cash in at local pawnshops. Of course there are also the day traders who have been riding the rally in leveraged gold ETFs. Let's face it--commodities have been the red-hot investment ticket of the past few years.

Other than a few--including natural gas--commodities like metals, grains, food products, livestock and energy have enjoyed handsome gains.

There is strong support for a commodities renaissance. The global economic rebound in developed countries and the urbanization and rising wealth in economies from India to Brazil have helped to drive demand. Emerging markets are the global growth engines, and China, especially, has been a big buyer of commodities. The Federal Reserve's two rounds of quantitative easing and the resulting weakness in the U.S. dollar are providing more tailwinds for commodities. Bernanke's rock-bottom-rate policy has helped to rekindle animal spirits, leading more investors to embrace cyclical and economically sensitive instruments.

The rise of exchange-traded funds (ETFs) and exchange-traded notes (ETNs) has opened up commodities as an investable asset class to the masses, providing new sources of demand. Rather than hoarding bars and coins, or trading esoteric options and futures contracts, there is now an easier way to invest in just about any commodity, be it cattle, cocoa or crude. Traders can pick up the Teucrium Corn Fund if they think the recent spate of storms through Tornado Alley is a sign that continued bad weather will negatively impact the corn harvest. Or folks can take a flier on PowerShares DB Crude Oil Double Short ETN if they want to bet that Saudi Prince Alwaleed bin Talal will prove prescient in his comments that his country wants oil prices to come down to $70 to $80 a barrel so Western countries won't seek replacement energy sources.

I have a favorable long-term view of most commodities simply because there isn't an infinite supply of them. It's likely that we will find ourselves in a world where shortages occur more frequently, with demand ultimately controlled by price increases. Nevertheless, I think the easy money has already been made, and that the risks associated with playing commodity markets are too high for most investors--especially with China taking steps to curb inflation. Another negative is that QE2 is about to end, and economic numbers are weakening here at home. Then there is the problem of volatility. Just a month ago the price of silver sank nearly 30% in one week.

Instead of commodities or related ETFs that produce no income, I favor stocks of commodity-related companies that trade for inexpensive valuations and offer dividend payouts. Freeport-McMoRan Copper & Gold ( FCX - news - people ) (FCX, 50) is a major global producer of copper, gold and molybdenum. Its Grasberg mining complex in Indonesia boasts the world's largest copper- and gold-mine recoverable reserves. FCX generates strong free cash flow, which it is using to strengthen its balance sheet as well as pay regular quarterly dividends and repurchase shares. Freeport now trades for eight times expected 2011 earnings while sporting a 2% dividend yield subsidized by special payouts, the latest being an extra $0.50 per share paid this month.

Bristow Group ( BRS - news - people ) (BRS, 44) provides helicopter services to the worldwide offshore energy industry, with only 6% of fiscal 2011 operating income in North America. The Houston-based company has a top safety rating and significant contract work; it has been able to post solid results throughout the recession. BRS shares trade at ten times forward earnings and one times book value. They yield 1.3%.

Archer Daniels Midland ( ADM - news - people ) (ADM, 30) is a world leader in the production of soy meal and oil, corn for ethanol and sweeteners, wheat for bakery products and cocoa for a number of chocolate products. From farm to table, ADM sources, processes, distributes and markets valued-added food, feed, fuel and industrial products. Its diversity and industry acumen allow the company to turn in solid results in both high and low grain-price environments. ADM shares change hands today at nine times expected EPS for the fiscal year ending this June. They pay a 16-cent quarterly dividend, good for a 2% yield.