In times of rising inflation, it always pays to diversify, Cramer told viewers. And with cryptocurrencies looking more like speculative assets rather than hard assets, gold remains your best option. That's why Cramer spoke with Mark Bristow, president and CEO of Barrick Gold (GOLD) .
Barrick is also a large copper producer, with about 20% of their overall production. Copper continues to be in great demand for a host of products and demand continues to be strong.
When asked about the scarcity of gold, Bristow noted that only 50% of the world's gold reserves have been replaced since the turn of the century, which is why gold remains so valuable.
The last time we reviewed the charts of GOLD was way back on July 17, 2020, so let's visit the charts again.
In the updated daily bar chart of GOLD, below, we can see that the shares topped out last July and traded lower -- not our best call. GOLD finally bottomed in March of this year and turned higher. Prices are now trading above the rising 50-day moving average line and recently above the 200-day moving average line which is still in a downward trend.
The On-Balance-Volume (OBV) line has been rising from early March telling us that buyers have turned more aggressive. This rise in the OBV line confirms the price gains we have seen so far. The trend-following Moving Average Convergence Divergence (MACD) oscillator crossed above the zero line in April for an outright buy signal.
In the weekly Japanese candlestick chart of GOLD, below, we can see that prices have moved above the declining 40-week moving average line. This is an improvement but not as strong as seeing the slope of the 40-week average turn positive.
The weekly OBV line shows a new rise has begun and the MACD oscillator generated a cover shorts buy signal. An outright buy signal comes when the zero line is crossed on the upside.
In this daily Point and Figure chart of GOLD, below, we see a price target in the $28-$29 area so far.
In this weekly close only Point and Figure chart of GOLD, below, we used a traditional even dollar scaling and a five-box reversal filter. A lot more price history is shown and a longer-term target of around $65 is indicated.
We also need to look at the price of physical gold with the (GLD) and the price of Copper futures.
In this Point and Figure chart of GLD, below, we can see a potential upside price target in the $213 area. A new high but remember that this kind of chart ignores time.
In this Point and Figure chart of the continuous Copper future, below, we can see a price target in the $5.27 area. (Start hoarding your pennies again.)
Bottom-line strategy: Trade GOLD from the long side risking to $22.50. Look for gains to the $29 area by early July and then we want to check on things again.