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Cramer: If This Candidate Wins, Lighten Up On Gold

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Both President Barack Obama and Republican challenger Mitt Romney locked in early and unexpected victories Tuesday night, but Jim Cramer recommended that should Romney ultimately win the White House, investors should lighten up on gold.

"If you think Romney is going to win, you actually want to make a bet against gold, " Cramer said during CNBC's coverage of Election Day.

(Read More: Behind the Election Day Rally: 'It's Running on Rumors'.)

Under the Obama administration, the U.S. Federal Reserve sought to stimulate the economy by way of quantitative easing. The Fed's one power is to create money out of thin air and it's currently using that power. Critics argue the program will further devalue the dollar and ultimately create inflation, though, which is why many investors have bought gold as a hedge against inflation.

Romney, on the other hand, has been critical of the Fed's monetary policies, leading some to believe he might ask Fed Chairman Ben Bernanke to step down.

"I think that the perception is that if you get rid of Bernanke immediately, well, you mean business about your currency and if you mean business about your currency, you don't want to own gold," Cramer explained.

The "Mad Money" host also argued that a Romney victory might also help equities.

Romney would be on the phone, taking phone calls from business leaders in an attempt to spark hiring and jumpstart the economy, Cramer said.

Obama, he argued, is not percieved to "take those kinds of calls."

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