CNBC’s Jim Cramer: Gold Could Hit $2,000

Jim Cramer, host of CNBC’s “Mad Money,” has a theory about gold: it’s not a bubble and the price per ounce could hit $2,000.

(via NewsBusters)

Comments (33)

  • V07768198309
    Posted on October 7, 2010 at 6:17pm

    _______________________________________

    I am inviting you today to

    Vote for Your Economy, Now.
    _______________________________________

    When was the last time you were given that opportunity?

    We don’t intend to replace the prevalent system but to expend the number of your options.

    We will add a significant amount of jobs, income and investment.

    This is the only election in which the law of the majority is not binding on the minority.

    If you don’t participate you are still be making a choice:
    the choice of relying exclusively on the prevalent system.
    _______________________________________

    Vote Now for the Credit Free, Free Market Economy
    Add Jobs, Revenues & Investments.
    Prosperous, Fair, Stable & Peaceful.
    http://post-crash.com
    _______________________________________

    On September 10th at 10:00 AM EST
    I will post a video on that site describing the voting process.
    _______________________________________

    Is the fulfilment of these ideas a visionary hope? Have they insufficient roots in the motives which govern the evolution of political society? Are the interests which they will thwart stronger and more obvious than those which they will serve?

    I do not attempt an answer in this place. It would need a volume of a different character from this one to indicate even in outline the practical measures in which they might be gradually clothed. But if the ideas are correct — an hypothesis on which the author himself must necessarily base what he writes — it would be a mistake, I predict, to dispute their potency over a period of time.

    At the present moment people are unusually expectant of a more fundamental diagnosis; more particularly ready to receive it; eager to try it out, if it should be even plausible. But apart from this contemporary mood, the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else.

    Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.

    I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. Not, indeed, immediately, but after a certain interval; for in the field of economic and political philosophy there are not many who are influenced by new theories after they are twenty-five or thirty years of age, so that the ideas which civil servants and politicians and even agitators apply to current events are not likely to be the newest. But, soon or late, it is ideas, not vested interests, which are dangerous for good or evil.
    _______________________________________

    Report Post » V07768198309  
  • wscitgo
    Posted on October 7, 2010 at 1:23pm

    We all better hope Cramer is right on this one, because our freedom is at stake. My take is either Gold goes much higher or we lose our freedom, and rather than justify my views, read those of Warren Buffet’s father, a Congressmen in an article published in 1948:

    http://www.fame.org/PDF/buffet3.pdf

    Excerpt:

    Is there a connection between Human Freedom and A
    Gold Redeemable Money? At first glance it would seem
    that money belongs to the world of economics and
    human freedom to the political sphere.

    But when you recall that one of the first moves by
    Lenin, Mussolini and Hitler was to outlaw individual
    ownership of gold, you begin to sense that there may be
    some connection between money, redeemable in gold,
    and the rare prize known as human liberty.

    Also, when you find that Lenin declared and
    demonstrated that a sure way to overturn the existing
    social order and bring about communism was by
    printing press paper money, then again you are
    impressed with the possibility of a relationship between
    a gold-backed money and human freedom.

    In that case then certainly you and I as Americans
    should know the connection. We must find it even if
    money is a difficult and tricky subject. I suppose that if
    most people were asked for their views on money the
    almost universal answer would be that they didn’t have
    enough of it.

    In a free country the monetary unit rests upon a fixed
    foundation of gold or gold and silver independent of the
    ruling politicians. Our dollar was that kind of money
    before 1933. Under that system paper currency is
    redeemable for a certain weight of gold, at the free
    option and choice of the holder of paper money.

    Report Post »  
  • WishWeWereFree
    Posted on October 7, 2010 at 8:48am

    To me its a matter of piece of mind, having some gold on hand “just in case” makes sense. Its is the same as having candles, matches, food, bottled water, guns, etc,.etc. Its about being prepared and doing my best to take care of my family.

    Report Post »  
  • *************************
    Posted on October 7, 2010 at 1:28am

    The value of GOLD is not going UP. The value of the DOLLAR is going DOWN.

    Report Post » WeDontNeedNoStinkinBadges  
  • tsosumi
    Posted on October 6, 2010 at 11:32pm

    So no one is worried about gold being a standard for economies and it is taking more u.s. dollars to equal one ounce of gold rather than less?

    is there a way to move the economy towards fewer u.s. dollars to get an ounce of gold?

    Report Post »  
  • mjbeejr
    Posted on October 6, 2010 at 8:17pm

    Metal 11/08 10/05

    Gold 712.30 1348.00
    Palladium 471.11 588.00
    Platinum 780.18 1712.00
    Silver 7.38 23.14

    A bubble occurs when profitless nonentities, e.g., the many .com‘s back in the mid 90’s, are floated, with lots of hype; as viable investments but were selling for 10 or more times their earnings, if they had any at all. All metals, including the non precious ones, copper, tin, aluminum, etc., have realized similar growth since November of 2008, the month Barack Obama was elected president. Metals are a tangible form of wealth and not worthless paper that one may have purchased for $900.00 per share (Cramer does make this obvious point).

    That being said, it doesn’t take a Wall Street guru to figure out that gold will hit 2K. Most fund and portfolio managers don‘t trust this president’s Keynesian based economic policies and are prudently adding precious metals to their client’s portfolios. Many 401K’s have been salvaged somewhat by gold purchases as well.

    Cramer’s shenanigans may be entertaining but his latest prediction is nothing more than mundane analysis based on the historic record. Matter of fact, if this economy does not escape this administrations destructive grip soon, I predict gold will hit $2,500.00. And, I’m saying this without gesticulating or furrowing my brow.

    Report Post » mjbeejr  
  • flagbearer
    Posted on October 6, 2010 at 7:57pm

    Buy food.

    Report Post »  
  • Ammonihah
    Posted on October 6, 2010 at 7:34pm

    Oh man. When Jim Cramer is talking about gold, its probably almost time to get out.

    Report Post »  
    • vennoye
      Posted on October 7, 2010 at 1:37am

      3 years ago I watched his show and watched his recommendations. Saw how the price of the stock would go up as his followers bought and then a week or so later it would go back down as his followers got out. People on the message board who already owned the stock would laugh and laugh saying how they sold some of their shares to the Cramer Lemmings at the top and would then buy it back as they were getting out. It was really sad to watch.

      Report Post » vennoye  
  • Red River Valley Libertarian
    Posted on October 6, 2010 at 5:44pm

    The funny thing is if you read Jim Creamers’ book “Confessions of a street addict” he says his hedge fund failed when his wife wasn’t working at there. He admits she is the person who made the hedge fund successful. Being he admits to that how on earth does he get a TV show and anyone listen to him?

    Report Post »  
  • Flagwaver
    Posted on October 6, 2010 at 3:20pm

    If he’s not careful, some wiener might call him before congress.

    Report Post » Flagwaver  
  • historypaper
    Posted on October 6, 2010 at 3:14pm

    No kidding Joe. Where have you been? Are you going to help people Boycott Glenn about buying gold now or later when it hits $2K

    Report Post » historypaper  
  • fishstx777
    Posted on October 6, 2010 at 2:42pm

    glenns been saying for years, buy gold. I realized this years ago.it doesnt take a genuis to see what were doing to this country. india is buying gold buy the truck loads. price of gold kramer says 2000 try 2600 .take all your cash out off the bank and buy gold and silver . silver will triple in the next 2 years.look at oil as the evil, as the profits of the false economy say were recovering oil goes up and that means midlle class pays more for food, run his ca,r heat his home. equals economy going down, and it will keep it down the real problem is the false profits . giving home loans to people that cant afford them 2 years ago 4.00 a gallon oil or 130 a barrel killed this economy people have lost 100k sweat equity in their homes and if oil goes over 350 a gallon the middle class will not buy and fuel this economy they are broke.today these idiots anounced if friday unemployment numbers go up which is expected ther going to borrow more money to put in the economy they just dont learn.they should watch trading places and let the poor folks teach you A thing or too.greed no common sense and socialism will undue this country.jim. that economics degree you got that will be worth the same price of paper that money is printed on squat.

    Report Post »  
    • ScienceIsNotEvil
      Posted on October 6, 2010 at 10:19pm

      Funny how Mr. Beck takes all his pay in useless dollars instead of gold.

      Why?

      Report Post »  
    • texasred
      Posted on October 6, 2010 at 11:38pm

      Mr. Science is not Evil: How do you know how Glenn gets paid? Another troll.

      Report Post »  
  • common everyday citizen
    Posted on October 6, 2010 at 1:28pm

    Gold is beginning to shine now, but wait till SILVER starts to glitter…

    Get some, now folks.

    Those paper or digi-dollars are a bargain for exchange even at this point. They Treasury backed notes are dropping as fast as the metals are rising.

    Report Post »  
  • roytoy
    Posted on October 6, 2010 at 11:04am

    JIM S sellers like Goldline don’t own gold, they are just brokers like a Real Estate Broker doesn’t own houses. You broker the deal take a cut and make money.

    Report Post »  
    • Jim S
      Posted on October 7, 2010 at 7:18pm

      ..true,but SOMEBODY thinks dollars are better than their gold and they sell, My mention of all the commercials started a tangent that was off track of my point. I realize folks are the middle men but there are sellers of gold! Again I am not ignorant of the return investors have been rewarded with, GREAT for them, I just see a lot of folks jumping into Gold…and I suggest that train has left the station. Also, the real gold sellers are taking their profits and buying hard assets, real estate ie., and some stocks.

      Report Post »  
  • Vunks
    Posted on October 6, 2010 at 10:59am

    Peter Schiff and Gerald celente have been saying this for years.

    Report Post »  
  • Jim S
    Posted on October 6, 2010 at 10:40am

    Well if Gold is going up, why is every other commercial on TV some company selling gold? Why on earth would you sell gold if it’s worth more than stocks/bonds/currency? It’s great to have purchased gold at $325 @ oz., but don’t you trade that for dollars?…more dollars than you paid but still dollars. The sellers of gold seem to gladly trade their gold for dollars while telling us dollars are worthless. I’m not blind to the great investment gold has been but smells like a bubble, looks like a bubble…might be a bubble.

    Report Post »  
    • Vunks
      Posted on October 6, 2010 at 11:00am

      Goldline sells at a 60% mark up, they instantly turn the cash arounf and buy more gold.

      Report Post »  
    • wscitgo
      Posted on October 6, 2010 at 11:05am

      The sellers of “gold” are “dealers”—they sell the gold to make a margin, period. EVEN if they have gold personally, they are middle men between the producers and the consumers, so your logic of dealers selling gold is illogical.

      Another way of looking at it as the gold dealers sell gold to make dollars so they can buy more gold for themselves—that is, of course, if they believe that Gold is real money and a safe haven from the corrupt, fiat paper ponzi scheme that is our fiat “federal reserve note”—aka, printed paper backed by a corrupt financial regime.

      Hope this helps!

      Report Post »  
    • Bill Smith
      Posted on October 6, 2010 at 8:11pm

      and your point is?

       
  • sodun
    Posted on October 6, 2010 at 10:32am

    I have some precious metals. It‘s not for investment purposes it’s for (expletive deleted) hitting the fan purposes. Uncle Sam confiscated gold in the ?30′s? a VERY short time later gold prices skyrocketed, so they basically STOLE our money… Not THIS time baby!

    Report Post » sodun  
  • tjdavid21444
    Posted on October 6, 2010 at 10:16am

    When are Waxman and Weiner going to call for an investigation of CNBC for trying to get people to buy gold? They have gone after Goldline and other brokers (mainly because they advertise on Fox News, and specifically on Glenn Beck’s show), so, when will the jackboots arrive to serve subpoenas on CNBC?

    Report Post »  
  • rfycom
    Posted on October 6, 2010 at 9:54am

    What a fool. Don‘t you know we don’t care about you anymore Jimmy. Toot toot, crash, bling, bam

    Report Post »  
  • ed0315
    Posted on October 6, 2010 at 9:40am

    Now here is a tool everyone should be listening to!

    Report Post » ed0315  
  • WestOfThePecos
    Posted on October 6, 2010 at 9:38am

    I need to start panning again.

    Report Post » WestOfThePecos  
  • Dustyluv
    Posted on October 6, 2010 at 9:32am

    Even a Looney Tune is right sometimes…

    Report Post »  
    • VegasGuy
      Posted on October 7, 2010 at 2:51pm

      Even a broken clock is right two times a day.

      Report Post » VegasGuy  
  • RichardSaunders
    Posted on October 6, 2010 at 9:27am

    This is NEWS to someone?

    Report Post » RichardSaunders  
  • Sandy
    Posted on October 6, 2010 at 9:22am

    Jimmy, your a little late with your idea. People have been saying this since last year when you were so bullish on the economy because of the FED using POMO to pump up the market. Uh, this would be defined as a BUBBLE! If you didn’t work on MSNBC maybe you could have said it last year.

    Report Post » Sandy  
    • MAULEMALL
      Posted on October 6, 2010 at 10:01am

      I bought gold at $325.00 an oz…. When my daughter was born in 2001
      Back then you guys said Gold was a suckers gig…

      Suckers…

      Report Post » MAULEMALL  

Sign In To Post Comments! Sign In

Sign Up For Our Newsletter!

Glenn Beck Radio

Listen to Glenn Beck 24/7 Listen Now
Restoring Love