The bears are those individuals who missed the whole run, Cramer said. Since the generational lows of Dow 6,500, they've told you to get out of stocks. Every tick higher, they've recommended avoiding or even shorting gold. For the last $300 of upside, they've described the precious metal as a "bubble." They get out their negative views in articles published online or on television programs that seek to explain gold's single-day decline. In doing so, they discount the difficulty of finding and mining gold. There is no consideration of its scarcity and the precious metal is said to have speculative, not natural demand.
The gravitas of the bears never ceases to amaze Cramer.
"Do you really want to hear from someone who missed the whole move, especially when that move was so large and so lucrative?" he asked. "It should be embarrassing for anyone who told you to bet against the rally in gold to come out and talk about it on TV. ... They should be hiding their heads in shame, kicking themselves for being so wrong. Instead they go on television and act like they have all the credibility in the world."
The problem, he said, is that interviewers fail to press the bears on their failed calls.
Cramer said the propensity to call everything a bubble is a public relations "work of genius" on their behalf. For them, any time anything goes up, it’s a bubble. Nouriel Roubini, for example, has gotten plenty of mileage out of this "bubble" call ahead of the Great Recession. Had the markets gone up in late 2008, he still could have said it was a bubble.
"In the vernacular, that’s known as ‘great TV.’ The bubble call is a homerun," Cramer said. "If you get a big decline, you're clearly a genius. But if the market does nothing or even goes higher, you’re not wrong, you’re 'controversial.'"
Cramer discounted the idea of a gold bubble. Mining executives have expressed the difficulty in extracting the precious metal. Even as the price continues to climb, gold has become more difficult to mine. Of course, Cramer said the bubble-calling bears don't consider these concerns. Furthermore, Cramer said from terror alerts to political uncertainties to monetary easing, it makes sense that people would be buying more gold now. The factors that caused gold to underperform in the past are no longer there, like miners hedging and central banks selling mass quantities of the stuff.
"Forget the bubble talk," Cramer said. "I think this stock market's going to go up significantly by year end, maybe double the 4 percent that it's up for the year right now."
Within the next two years, Cramer said, gold could climb to $2,000 an ounce.
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