You 'Can't Afford Not to Own Gold'

Cramer urges investors to store value in gold as it surges past $900 an ounce
By Neal Colgrass,  Newser Staff
Posted Sep 22, 2008 8:35 PM CDT
Jim Cramer, host of CNBC's Mad Money, attends the opening bell of the Nasdaq stock market on Wednesday, Jan. 16, 2008 in New York.   (AP Photo/Mark Lennihan)
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(Newser) – Investors simply "must own gold" in financially shaky times like these, Jim Cramer said on his Mad Money TV show today—after gold spiked 16% in the last week and topped $900 an ounce. Cramer called gold a safe haven regardless of whether Treasury Secretary Henry Paulson's $700 billion bailout plan works, Scott Rutt reports on

If Paulson triumphs, gold will prove a hedge against the plan's inevitable inflation. If it falls flat, and the financial system tanks, dollars and treasuries will be worth roughly zilch—but increasingly popular gold will maintain value, Even if gold stocks underperform, Cramer vowed, they will be profitable for investors: "Gold makes sense when nothing makes sense."