Six Reasons To Buy Gold Right Now
Buying gold is not only the best play on market negativity today, Cramer explained, it is your insurance against economic chaos and inflation. Here are six reasons why you should buy gold right now:
Dependability: Expected to climb to $2,000 an ounce, Cramer said the precious metal tends to rise when other currencies fall.
Can't Be Copied: As the commercial says, "Central banks are printing money like mad." That's a great reason to own gold.
Timeless: Cramer thinks that no matter what is done to counter deflation, gold is the antidote.
A Win-Win: The value of gold-mining companies not only increases when they discover the precious metal, but also when the price of gold goes up. Granted, they can be more volatile than other ways to play gold (see below), because they can underperform even when the price per ounce is soaring. But Cramer said he likes Eldorado [EGO 17.22 -0.53 (-2.99%) ] because "they keep finding it" and Agnico-Eagle [AEM 62.90 -1.47 (-2.28%) ] could have a "breakout" quarter.
Rarity: Even though gold mining companies are a good play, Cramer said, "We just can't find it like we used to." The scarcity of this precious metal makes it more valuable.
It's Universal: Gold can be purchased in one country and spent in another. It can be kept, as is, in depository banks in faraway places for safekeeping.