"This is a scary, chaotic environment and in moments of fear and chaos, the one thing you need to own is gold," Cramer said Monday. "which is why the precious metal has been soaring of late, hitting new highs again today and going out above $1,700 an ounce."
When it comes to gold , Cramer favors the GLD exchange-traded fund. He calls it the most convenient, least risky way to own the precious metal. Given the strength of commodity and considering how few companies are doing well right now, he thinks it might be time to consider owning a gold miner. The miners aren't direct plays on gold, though, because they are companies that can hit all kinds of speed bumps.
Goldcorp has been Cramer's fave gold producer because it's one of the lowest coast players with mines around the world. It has a great track record and solid production growth. When it last reported earnings, though, it had a lot of things go wrong. The company got hit with a major forest fire in Northwest Ontario, Canada and suffered too much rain in the Dominican Republic. Flooding of the Mississippi River caused a cyanide shortage and there were production issues at its Penasquito mine in Mexico. All of these things, Cramer said, caused the company to lower its outlook for 2011.
The "Mad Money" host wanted to get the latest from Goldcorp, so he invited CEO Charles Jeannes onto the program. Watch the video to see the complete conversation.
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