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King Midas wouldn't be happy. Since January, the spot price of gold has fallen like a – well, lead balloon.
In the early part of 2013 gold traded well north of $1600 an ounce. On Monday November 25 the spot price had fallen more than $300 an ounce to $1244.
"However, even after the recent shellacking in the precious metal, I still think it's worth having some gold exposure in your portfolio," said Jim Cramer, "if only as a kind of insurance against inflation and economic catastrophe."
Typically the "Mad Money' host advocates establishing a position in gold via the GLD, which is an ETF that tracks its spot price.
However, if you have an appetite for risk, Cramer thinks you could leverage the same theme with a long position in a gold miner.
Now make no mistake, miners do present higher risk. Company specific issues, such as a strike or a mining accident, can ding the stock even if the underlying commodity rallies broadly.
Therefore, if you want to put money to work in a gold miner, Cramer says it's critical that the company's management can execute. And of all the miners to choose from, Cramer believes that Randgold Resources has among the best management teams in the industry.
Led by CEO Mark Bristow, PhD Randgold has posted some impressive results. For example, "Total gold production was up 19%, while cash costs declined by 17% to $662 per ounce," Cramer said.
Also, Randgold appears to have substantial growth potential. "They run five mines in sub-Saharan Africa and more projects being developed," he said.
Looking at the latest earnings, Cramer thinks earnings confirm a bullish outlook.
Randgold Resources last announced its earnings results on Thursday, November 7th. The company reported $0.88 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.67 by $0.21. The company had revenue of $353.70 million for the quarter, compared to the consensus estimate of $489.90 million, according to the website Ticker Report.
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"If we get a turn in the price of gold, then I think Randgold could do quite well," Cramer said. That is, because Randgold is a well run miner it could outperform the spot price of gold.
And even if gold continues to decline, because the company is so well run, "it might not fall as much as gold itself."
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