(Kitco News) – When the gold price closed another grand session and reached new eight-month highs, Jim Cramer of Mad Money said he was a gold. " Creditor.
"We are big gold believers here. Now gold is at $ 1,300, we believe gold will reach $ 1,400 to $ 1,500. We suggest everyone has some gold in their portfolio, "Cramer said Wednesday.
The big news of the day was that the Federal Reserve kept interest rates unchanged at between 2.25% and 2.50% [19659003CramerpointedoutthatFedChairmanJeromePowellhasdonetherightthingbyfocusingon"patience"onfutureinterestratehikes
"Do not listen to the Fed's observers claiming that Powell is the stock market Cramm said, "The only thing Powell has given in is the reality … This is about the economy ̵
Asked about First Majestic Silver Corp. (NYSE: AG) During Mad King's round of bouts on Wednesday, Cramer said he likes Gol d rather than silver, adding that silver is likely to rise as well.
"Silver is traded in gold. I prefer gold. My recommendation is to buy [the new] Barrick, not [First Majestic Silver Corp] but silver is rising higher, "he said.
April Comex gold futures have recently traded at $ 1,323.10, up 0.58% from the day while Comex silver was at $ 16.04, an increase of 0.71% during the day.
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