7 ways to play gold and oil

Oil's well-documented price dive continues, as U.S. crude ended Friday with its seventh straight losing week. Gold has moved somewhat sporadically in recent days with increasingly volatile stock markets.

The trends leave some investors scratching their heads on how to play the commodities, if at all. Traders on CNBC's "Fast Money" offered some insight on what moves to make in the current oil and gold environments.

Gold itself is a solid investment at this point, said trader Guy Adami.

"There's a lot of air up there," Adami said, referring to gold's price.

An oil platform is seen in the North Sea, around 100 miles east of Aberdeen, Scotland.
Andy Buchanan | Reuters
An oil platform is seen in the North Sea, around 100 miles east of Aberdeen, Scotland.

Buying into gold miners, rather than the metal, could prove the wisest move, said trader Brian Kelly. He sees upside in the Market Vectors Gold Miners ETF, which is exposed to global gold mining companies. It rose nearly 5 percent on Friday, climbing more than $20 per share.

"The Federal Reserve told you they want higher inflation. When that inflation mentality takes over in the market, people are going to at least want a little bit of gold," Kelly said.

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Investors wanting a "torque return" will buy into the fund, trader Steve Grasso said.

Kelly noted that, although oil was hitting new lows, energy stocks and funds had not hit new lows with it. He saw the SPDR S&P Oil and Gas Exploration and Production ETF and Continental Resources as strong plays despite oil's continued collapse.

Grasso recommended the Energy Select Sector SPDR Fund in the current oil environment.

"I would not go any deeper there until oil finds a base," Grasso said.

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Adami stuck with his earlier pick of offshore drilling company Seadrill.