The crash in gold prices has "frozen" the market for the commodity and investors should beware of certain companies, CNBC's Jim Cramer said Tuesday.
"I also want to warn people that you've got to be careful even of these gold royalty trusts because if you're a gold miner, you're not going to start a new mine right now. So, the gold market is being frozen."
(Related: Here's Why Gold Got Crushed Monday)
"Caterpillar is uniquely involved in mining and that's moving up, I don't trust that. I don't trust it ahead of the quarter," he said. He also pointed to Freeport McMoRan, which is largely exposed to gold, oil and copper.
"The ETFs were driving gold, and that's the tail. I didn't like that," he said, pointing to margin calls driving forced selling on Monday. Usually, he said, this type of movement would be more typical in small cap stocks. "It's that frantic, and that was GLD, that traded like a small cap."
Cramer also pointed to a note from Goldman Sachs on Monday that suggested base metals were closer to a bottom than oil. Some in the market have looked to natural gas as a temporary haven, which Cramer said is a poor idea: "If it gets warm for a couple of days, that won't be much of a safe haven."
"Gold is owned and bought by different kinds of investors. They like to buy high, they like the momentum. When the momentum reverses, they don't like to be in it," he said. Echoing what he said on Monday night's "Mad Money," Cramer said that gold coins are "a good place to be."
(Read More: Cramer: Does Gold Still Belong in Your Portfolio?)
"What's amazing are the rumors," he said.
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