Cramer's 3 Reasons to Own Gold

Every investor should own some gold, Cramer said Tuesday. After all, the precious metal is a hedge against global economic chaos. It's also in high demand from emerging markets and central banks. Perhaps most importantly, though, it's very scarce.

Considering just how scare gold is, Cramer favors NovaGold Resources . The Vancouver, British Columbia-based company finds high-quality gold reserves. It doesn't have any production yet, but Cramer said it's literally sitting on two gold mines. NovaGold owns a 50 percent stake in both the Donlin Creek and Galore Creek mines in Alaska and Canada respectively, which are among the world's largest gold deposits. The Donlin mine could reportedly produce 1.25 million ounces of gold a year while the Galore Creek mine could produce 223,000 ounces of gold a year.

NovaGold isn't expected to start producing until 2017, but Cramer thinks this stock is cheap right now. To learn more about its future prospects, Cramer chatted with CEO Rick Van Nieuwenhuyse. Watch the full interview here.

A previous version of this story misstated the location of the Galore Creek mine and when production is expected to begin.

When this story was published, Cramer's charitable trust own NovaGold Resources.

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