Cramer on Comey: If this were a constitutional crisis, 'gold should be flying'

  • Jim Cramer says "gold should be flying," if markets thought Trump's firing of James Comey represented a constitutional crisis.
  • "The S&P should be down a percent and a half," too, he says.

President Donald Trump's firing of FBI Director James Comey seems to be a "sideshow" to the markets, CNBC's Jim Cramer said Wednesday.

"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.

The Dow Jones industrial, the S&P 500 and the Nasdaq composite were slightly lower Wednesday.

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 to Congress about the status of the Trump-Russia investigation, and for the Justice Department to appoint an independent counsel for the Russia inquiry.

Some Republicans said Comey's firing will be a fresh start, while others called Trump's dismissal bad timing.