Cramer: This Is the 'Most Exciting' Stock In the Dow

The most exciting stock in the Dow Jones Industrial Average right now, Cramer said Wednesday, is Caterpillar.

The world's largest maker of heavy equipment has "extraordinary" earnings power, the "Mad Money" host said. A weak U.S. dollar is also helping the Peoria, Ill.-based company compete against construction machinery companies around the world.

"Don't forget the dollar's weak, so they've got the competitive advantage," Cramer said. "It's very rare in the world, where you have the cheapest that is also the highest quality."

In addition, Cramer said Caterpillar's power generation business will see increased demand from the rebuilding of Japan, which suffered a 9.0 magnitude earthquake and tsunami on March 11. Japan has estimated the cost of the damage from the natural disaster could top $300 billion. The first official estimate, it takes into consideration the roads, homes, factories and infrastructure that were destroyed.

While Caterpillar shares were trading at around $107 in midday trading, Cramer thinks it could soon go to $125.

Meanwhile, Cramer remains bullish on gold. Although the precious metal hit multi-decade highs on Wednesday, he thinks it could go higher.

Gold stocks, Cramer noted, have been down because of increased costs. Companies that produce gold for less than $400, like Goldcorp , could break out to new highs. Businesses with higher mining costs, like Agnico-Eagle , have been struggling. AEM and similar names can now be bought, he said.

Cramer added he also likes silver, but would only play the iShares Silver Trust exchange-traded fund.

When this story was published, Cramer's charitable trust owned Caterpillar.

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—Reuters contributed to this report