Just because George Soros is rich, famous and likes gold, doesn't mean it's time to sell. In fact, Jim Cramer is getting sick of hearing from negative billionaires.
"They aren't the stewards of your capital. They aren't the be-all and end-all. They are simply people with a worldview that they are sharing with the media, so you shouldn't be blinded by the billionaire limelight hoping it will shine on you," the "Mad Money" host said.
Cramer has done his homework on Soros and couldn't recall a time when he wasn't negative about pretty much everything. If someone is negative about stocks, it makes sense that they would want to own gold.
Often investors use gold as an insurance policy against economic chaos, because when stocks go down gold tends to rise. Cramer has always recommended that having some gold exposure is a good idea through either bullion, the GLD ETF or Randgold Resources.
In reality, Cramer thinks someone only needs to get rich once. There is no reason to take a chance on the next Facebook, Regeneron orAmazon if you are already worth $23 billion like Soros. Thus, owning stocks is crazy and risky.
That is why Cramer urged investors not to take the advice of someone just because they are rich. That kind of reasoning could easily lead someone astray.