Booya! Jim Cramer gets on the gold bandwagon
Frenetic CNBC stock picker, Jim Cramer, told viewers he believes in gold, not currency.
In his mail bag segment, Cramer was asked how much gold should an investor hold as part of his or her portfolio.
"Ever since I started the show, I've felt that 10% to 20% should be your benchmark. When gold flew all the way up to $1,800 in 2011 and I felt, you know, let it pull back. And you can even sell some. But you gotta keep that core position. Why? Because I don't regard gold as a stock—I regard it as a currency.
"It's an alternative currency to the fiat currency, the printing currency that we have in the United States and we have in Europe. I got to tell you I trust gold, I don't trust paper."
Cramer's position is not all that different from gold bugbear Jon Nadler at Kitco who also recommends a similar position in gold.
Cramer's show, Mad Money, has been a breakout hit on CNBC. The show started airing in 2005.
Hat tip, Silver Doctors