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Cramer has long believed that every investor should have a gold stock in their portfolio. Gold is the ultimate hedge against economic uncertainty because, simply, it tends to go up when bad things happen. As the market scored its fourth triple-digit loss of the new year Friday, gold touched $900 for the first time. What better time for Cramer to speak to the CEO of one of his all-time favorite gold stocks?
Yamana Gold’s [AUY
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] Peter Marrone told Cramer that Yamana is poised to continue its extraordinary growth as gold prices show no signs of falling to earth. How? For starters, Yamana’s acquisition of Meridien back when gold was at $650 brought little fanfare but now, according to Marrone, Meridien is one of the top three gold mines in the world and one of the few still consistently making new discoveries.
Yamana is also on target to open a new mine in Argentina that it predicts will add an addition 200,000 ounces of gold per year. The company is able to make money by having what are known as “finding costs” in the range of $250 to $270 per ounce, well below the industry average. It does this by producing gold without expensive byproducts like copper.
Marrone said he thinks the “perfect storm” of recessionary forces, high oil and food prices and global inflationary pressure could mean the price of gold goes even higher from here, taking Yamana stock along with it.
There’s always a bull market somewhere, as Cramer is inclined to say. Right now, it’s in gold and Yamana is Cramer’s gold growth stock for 2008.
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