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Cramer's Spec Gold Play

After the amazing run in gold over the last few years, Cramer knows people are less likely to buy the precious metal right now. The "Mad Money" host thinks gold has a lot of upside left, though. So on Wednesday, he highlighted International Tower Hill Mines, a gold miner that's not getting a lot of attention because it's at least five years away from production.

With the price of gold exceeding $1,400 an ounce, Cramer thinks International Tower Hill Mines is an excellent speculative play. The Vancouver, British Columbia-based company owns 100 percent of the Livengood gold project in Alaska. When it's up-and-running, production could average 600,000 ounces per year for up to 20 years. Construction on the project, however, won't begin until 2014 and production is scheduled for 2016. International Tower Hill Mines has yet to partner with anyone on this project, but Cramer thinks that could change. He said International Tower Mines could make a teriffic takeover target for a larger producer looking to expand its reserves.

"This stock is a call option on gold moving ever higher, which you know I think will happen courtesy of increased demand from emerging markets, especially India and China; along with the fact that the precious metal is viewed as a currency—not a commodity—a safe store of value for those who worry about their governments devaluing their paper currencies, not to mention it's straight-up scarcity value," Cramer said, adding a caveat. "Remember this one is highly speculative and will go down, maybe down hard, if gold takes a price break."

To find out more about International Tower Hill Mines, Cramer spoke with CEO Jeff Pontius. Check out the video to see the full interview.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

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