For investors who don't yet own gold, Cramer would buy some. However, investors who have a significant amount of gold should hold off before buying.
Cramer listed his favorite ways to own gold:
1. Bullion, for which there is no mark-up, but storage fees can be considerable
2. SPDR Gold Trust (GLD) is a near perfect commodity ETF (and Cramer is no fan of commodity ETFs). Investors need not worry that there is no gold actually owned.
3. GoldCorp (GG), Barrick Gold (ABX) are Cramer's "blue chip" gold stocks. GG has the most consistent growth of any gold play.
4. Novagold (NG) is a speculative gold stock which is like a call option on gold. While the company might not see significant profits for a few years, it has great, safe assets.
5. Coins are a handy way to own gold, but the mark-up on coins is excessive.
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