The price of gold took a beating last month, but the precious metal is now flirting with its highs. Even so, Cramer noted Wednesday that many gold miners have yet to bounce back, creating terrific buying opportunities.
Eldorado , Barrick Gold and Agnico-Eagle, for example, are considerably off their highs — Eldorado is 16 percent off, Barrick is 11 percent off and AEM is more than 11 points off its high.
These names are worth considering, Cramer said. He likes gold for several reasons. It's a scare resource story and a hard currency that retails its value as governments continue to print paper money. Despite its run in price, gold doesn't have enough buyers. The precious metal only accounts for less than 1 percent of the average money manager's portfolio. Should that percentage climb to 5 percent, Cramer will stop being bullish gold, but he thinks that's a long ways off.
Of the three miners mentioned, Cramer thinks Agnico-Eagle is way too cheap. He likes it because it's not only a play on higher prices, but rapidly increasing production, too. Last year, it began to increase production by 50 percent through 2014. The stock is up 36 percent since Cramer got behind it last year, but the company reported disappointing earnings after Wednesday's close. It gave a 9 cent miss off of a 62 cent basis on lighter-than-expected revenues.
To learn more about what happened in its latest quarter and what it offers going forward, Cramer spoke with CEO Sean Boyd. Check out the video to see the complete interview.
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