Cramer Claims It’s Not Too Late to Buy Gold (GLD)
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Price: $185.18 +1.89%
Rating Summary:
13 Buy, 12 Hold, 0 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 12 | Down: 19 | New: 8
Rating Summary:
13 Buy, 12 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 8
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Monday night on CNBC’s Mad Money, Jim Cramer said despite the recent run up in gold, there is still time to buy. He provided four reasons why now is a good time to add more gold to portfolios.
Cramer pointed out the stocks of many gold companies are still down for the year:, Agnico-Eagle (NYSE: AEM) down 14 percent, Barrick Gold (NYSE: ABX) down 7 percent and NovaGold Resources (NYSE: NG) down 26 percent.
Second, Cramer argues gold is only representing 1.5 percent of the average portfolio, where in the past it historically represented 5 percent.
Cramer’s third point is neither the Euro nor the U.S. dollar are worth anything right now.
"What we need to do is have our currency be replaced by a different currency, the currency of gold, which is now recognized around the globe as something that no government can be debase," Cramer said.
Lastly, Cramer looked at technicals, saying the charts show a potential breakout to the upside.
Unless you are a large wealthy trader who can afford to let a large investment sit in the depository bank, Cramer calls the gold ETF SPDR Gold (NYSE: GLD) the best play in the gold market for you.
Cramer pointed out the stocks of many gold companies are still down for the year:, Agnico-Eagle (NYSE: AEM) down 14 percent, Barrick Gold (NYSE: ABX) down 7 percent and NovaGold Resources (NYSE: NG) down 26 percent.
Second, Cramer argues gold is only representing 1.5 percent of the average portfolio, where in the past it historically represented 5 percent.
Cramer’s third point is neither the Euro nor the U.S. dollar are worth anything right now.
"What we need to do is have our currency be replaced by a different currency, the currency of gold, which is now recognized around the globe as something that no government can be debase," Cramer said.
Lastly, Cramer looked at technicals, saying the charts show a potential breakout to the upside.
Unless you are a large wealthy trader who can afford to let a large investment sit in the depository bank, Cramer calls the gold ETF SPDR Gold (NYSE: GLD) the best play in the gold market for you.
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