"What's interesting is this is really the first genuine deviation day where the oil companies are just getting killed," he said. "This has a real feel of 2008, where we suddenly had oil be self correcting. The price of crude went up so dramatically that the oil stocks started going down, and that's what's reflected on our screens and PCs today. This is the nightmare scenario that the bears have been looking for."
There's too much worry in the markets to really make a stand one way or the other he continued, which is why Cramer said gold is "exactly what you should be in," saying the precious metal could go to $1,550 "very quickly" and to as much as $2,000 within the next 18 months.
"Gold is extraordinarily poised to be able to go up better than every other asset in the world," he said.
Specifically, he likes Goldcorp because of their "lower production costs."
"I think between 10 and 20 percent of your portfolio should be gold," he said.
Besides gold, Cramer also likes some Canadian banks, including Toronto Dominion, Bank of Montreal and Bank of Nova Scotia
"What you're getting with the Canadian banks is strong currency, resource-based economy with very, very tough lending restrictions," he said. "They are precisely poised to take over the world if they want to."
So what was Cramer's take on today's big news story about the former Goldman Sachs director charged by a U.S. securities regulator for leaking details about a critical $5 billion investment in the bank by Warren Buffett's Berkshire Hathaway ,?
"It has no real impact on Goldman, however, what does matter with Goldman is it's a financial," he said. There's too much headline risk to own financials right now, he said.
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