Every investor should own some gold, Cramer said Wednesday.
"The precious metal is the one theme that I can really get behind at the moment because it will retain its value and even go higher if we get a bunch of sovereign defaults in Europe followed by a wave of bank failures," the "Mad Money" host explained. "Gold is like insurance for your portfolio—it protects you against inflationand against economic chaos and political turmoil."
To play it, Cramer continues to like bullion or gold coins from the U.S. Mint, as well as the SPDR Gold Shares exchange-traded fund . In general, he would avoid most gold stocks, though. After all, gold mining is a tough business and mining stocks are often hit or miss. Randgold Resources is the exception to the rule. Despite tough circumstances that included bad weather at its mines in west and central Africa, the gold miner was able to report a "real good" quarter Wednesday.
Cramer thinks he could get behind this gold miner's stock, so long as investors understand the risks associated with it. So to learn more about the company and its future prospects, Cramer was happy to welcome Dr. Mark Bristow, CEO of Randgold Resources, back on "Mad Money." Watch the video to see the full interview.