"If it is a constitutional crisis, gold should be flying. If it is a constitutional crisis, the S&P should be down a percent and a half," Cramer said on "Squawk on the Street."
Still, the president's abrupt dismissal of the FBI director added to the long list of things Trump will have to address before tax reform and repatriation happens, Cramer said.
Gold edged off an eight-week low on Wednesday as investors assessed Trump's decision.
In Washington, Democrats called for Comey to immediately be summoned to testify
Some Republicans said Comey's firing will be a fresh start, while others called Trump's dismissal bad timing.