Cramer has a word of advice for homegamers the next time gold has a pullback.
“The next time we get a price break in gold , I am not hesitating, he said. “I’m just telling people to buy.”
The “Mad Money” host was referring to his decision not to tell people to buy gold Tuesday morning, even though it got crushed when it looked like there was a debt deal. He thought it would keep going down. Instead, it rallied and a terrific buying opportunity was missed.
The number that spiked gold was an anti-inflationary number—a weak economic reading—which reminded Cramer that gold goes up for a whole lot of reasons.
“Gold is not a commodity,” he said. It is a currency, he added, and a counterweight to the weakening of other major currencies, notably the dollar and the euro.
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